A Subset of the Population That Represents the Entire Group

question 33

Multiple Choice

A subset of the population that represents the entire group from which it is drawn is known as a ________.

• A)population
• B)sample unit
• C)census
• D)sample
• E)respondent

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Definitions:

Tariff

A tax imposed by a government on imported or exported goods, often used to protect domestic industries or to generate revenue.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and the actual price they pay.

Comparative Advantage

Comparative advantage is the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, underpinning international trade theory.

International Trade

The exchange of goods, services, and capital across international borders, driven by the concept of comparative advantage.