Random Samples Provide ________ Estimates of Population Averages If the Scores

question 73

Multiple Choice

Random samples provide ________ estimates of population averages if the scores from the samples have ________.

• A)good;small means
• B)good;less variability
• C)poor;small means
• D)poor;less variability

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Definitions:

Uncertain Income

Uncertain income refers to earnings that fluctuate and are not guaranteed, often associated with irregular work or investment returns.

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Marginal Utility

The added gratification or usefulness experienced from the consumption of an additional unit of a good or service.

Risk-Averse

A characteristic of preferring to avoid risk, often leading to choices that have lower potential returns to minimize possible losses.