2 the economy (a) Each month, the Current Population Survey interviews a random

Question

2 the economy
(a)   Each month, the Current Population Survey interviews a random sample of individuals in about 60,000 U.S. households. One of their goals is to estimate the national unemployment rate. In October 2012, 7.9% of those interviewed were unemployed.
(b)   How much do gasoline prices vary in a large city? To find out, a reporter records the price per gallon of regular unleaded gasoline at a random sample of 10 gas stations in the city on the same day. The range (maximum – minimum) of the prices in the sample is 25 cents.

Explanation / Answer

a)

Population : People who are living in USA

parameter : population proportion   (unknown)

sample : 60,000 people = n , sample size randomly chosen

statistic : 7.9% is a sample proportion, p

b)

population : all gas prices in large city

parameter : population mean , = unknown

sample : 10 stations = n , sample size, sample is randomly chosen

statistic : 25 cents =   is a sample range

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