Why Do We Use Inferential Statistics

question 30

Essay

Why do we use inferential statistics?

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Definitions:

Minimum Standard

The lowest level of quality, performance, or subsistence considered acceptable by regulatory bodies or society.

Income Inequality

The unequal distribution of income among individuals or households within a population.

Goods And Services

The physical items (goods) and activities or benefits (services) that fulfill consumer needs and wants.

Progressive Tax

At the individual level, a tax whose average tax rate increases as the taxpayer’s income increases. At the national level, a tax for which the average tax rate (= tax revenue/GDP) rises with GDP.