Final answer:
The statement is true; a larger sample size results in a smaller margin of error, leading to a more accurate estimation of the population parameter and a narrower confidence interval.
Step-by-step explanation:
The statement "The bigger the sample size, the smaller the margin of error" is indeed True. In statistical terms, the margin of error decreases as the sample size increases because a larger sample size provides a more accurate estimate of the population parameter. This is supported by the central limit theorem, which indicates that a larger sample size results in the sampling distribution of the mean being more normally distributed, and therefore, more reliable.
Sampling variability, which refers to how much a statistic varies from sample to sample, also tends to decrease with larger sample sizes. Therefore, a larger sample size provides a narrower confidence interval, making the results more precise. When it comes to surveys and polls, for accurate results, a larger sample size is typically preferred to reflect a lower margin of error and provide the most precise picture of what is being measured.