Based on survey results, the mean amount of credit card debt for U.S. adults under 35 is $8,724. This point estimate would be unbiased and most accurate if the survey were based on which of the following? A random sample of 1,500 U.S. adults under 35 A random sample of 2,800 U.S. adults under 35 A random sample of 3,000 U.S. college students A national television news station poll with 3,500 responses
Question
Based on survey results, the mean amount of credit card debt for U.S. adults under 35 is $8,724. This point estimate would be unbiased and most accurate if the survey were based on which of the following? A random sample of 1,500 U.S. adults under 35 A random sample of 2,800 U.S. adults under 35 A random sample of 3,000 U.S. college students A national television news station poll with 3,500 responses
Solution
The most accurate and unbiased point estimate would be based on a larger random sample that is representative of the population being studied. In this case, the population is U.S. adults under 35.
So, among the options given:
- A random sample of 1,500 U.S. adults under 35
- A random sample of 2,800 U.S. adults under 35
- A random sample of 3,000 U.S. college students
- A national television news station poll with 3,500 responses
The best option would be a random sample of 2,800 U.S. adults under 35. This is because it is the largest sample size that is still representative of the population being studied (U.S. adults under 35).
The sample of 3,000 U.S. college students may not be representative of all U.S. adults under 35, as it only includes college students. The national television news station poll, while larger, may also not be representative, as it could be biased towards those who watch that particular news station.
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