THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Suppose that 20% of all invoices are for amounts greater than $800.A random sample of 50 invoices is taken.
-Based on the central limit theorem,the mean of all possible sample means is equal to the population:
A)variance.
B)mean.
C)median.
D)standard deviation.

Question

Quizplus · Accepted Answer

According to the central limit theorem, the mean of all possible sample means is equal to the population mean. Therefore, the best choice is (B) mean. The population variance and standard deviation are not necessarily equal to the sample mean, and the median is not relevant for this situation.