Final answer:
The correct option is B. Confidence level.
The probability that a specified range includes the true population value is called the confidence level, which indicates the certainty with which the interval is believed to encompass the true population parameter.
Step-by-step explanation:
The probability that a specified range, based on an estimate of a population characteristic calculated from a random sample, contains the true population value is referred to as the confidence level. This is often expressed as a percentage, indicating how certain we are that the interval contains the true parameter.
For instance, if we have a 90% confidence level, it means that if we were to take repeated samples and construct confidence intervals in the same way, approximately 90% of these intervals would be expected to contain the true population mean.
A confidence interval has the form (point estimate - margin of error, point estimate + margin of error), where the point estimate could be the sample mean and the margin of error depends on the confidence level, the sample size, and the known or estimated population standard deviation.