The Main Reason That Samples Fail to Accurately Represent the Population

question 33

Multiple Choice

The main reason that samples fail to accurately represent the population of interest is because

• A) the population is not homogeneous.
• B) there is sampling error.
• C) the wrong sampling technique was used.
• D) the sampling frame was too large.
• E) the sample was biased.

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Definitions:

Unit-elastic

A situation in which the percentage change in quantity demanded is equal to the percentage change in price, resulting in no change in total revenue.

Elasticity of Labor Demand

A measure of how the quantity of labor demanded by employers changes in response to a change in wages or salary levels.

Close Substitutes

Products or services that can easily replace each other in consumption, showing a high level of interchangeability.

Resource Demand

The desire for resources (such as labor, capital, and natural resources) based on their contribution to the production process, influenced by factors like technological change and product demand.