An Economic Model Is

question 66

Multiple Choice

An economic model is

• A) a small but completely working economy.
• B) any graph.
• C) a simplified representation of an economic environment.
• D) all of the above.

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Definitions:

Random Sample

A random sample is a subset of a statistical population in which each member of the subset has an equal probability of being chosen.

Average Amount

The sum of values divided by the number of values, commonly known as the mean.

Alternative Hypothesis

The alternative hypothesis is a statement in statistics that contradicts the null hypothesis and indicates that there is a significant difference between specified populations.

Null Hypothesis

A statistical hypothesis that assumes no significant difference or effect in a given experiment or study, serving as a starting point for testing.