Harold Is Drawing a Sample So That Each Member of a Population

question 35

Multiple Choice

Harold is drawing a sample so that each member of a population has an equally likely chance of being selected, this is called:

• A) A nonrandom sampling method
• B) A quota sample
• C) A snowball sample
• D) An equal probability of selection method

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Definitions:

Marginal Utility

The change in total utility generated by consuming one additional unit of a good or service.

Uncertain Income

Income that is not guaranteed or predictable, often varying significantly over time or depending on specific conditions.

Constant

A value that does not change and remains steady within a specified context.

Expected Value

The anticipated value for an investment or gamble, calculated as the sum of all possible outcomes weighted by their associated probabilities.