The CEO of a large corporation is interested in the average salary of all managers for his large corporation. A sample of 500 managers found the average salary to be $56,500. Which of the following statements is correct?
a. The average salary for all the managers will also be $56,500.
b. The average salary for the 500 managers can be used to estimate the average salary for all managers.
c. The population size is 500 managers.
d. The value $56,500 is a parameter.
Answer: b. The average salary for the 500 managers can be used to estimate the average salary for all managers.
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