Response Rates in a Random Sample Should Be at Least

question 57

Multiple Choice

Response rates in a random sample should be at least _______% in order to estimate a population parameter.

• A)30
• B)70
• C)50
• D)20

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Definitions:

Explicit Costs

Direct payments made to others in the course of running a business, such as wages, rent, and materials.

Implicit Costs

The opportunity costs of using resources that a business already owns, representing the potential income lost in employing them in a specific task.

Forgone Income

Income not earned due to choosing an alternative action, such as studying full-time instead of working.

Total Costs

The total of all costs associated with the creation of goods or services, which encompasses both constant and fluctuating expenses.