A(n) _____________ Is a Sample Statistic Based on Sample Observations

question 22

Multiple Choice

A(n) _____________ is a sample statistic based on sample observations that estimates the numerical value of a population characteristic, or parameter.

• A) Standard error
• B) Estimator
• C) Element
• D) Sampling frame

---

Definitions:

Income Effect

Refers to the change in an individual's or economy's purchase of goods and services resulting from changes in income levels.

Substitution Effect

The change in consumption patterns due to a change in relative prices, holding the consumer's level of utility constant.

Price

The fiscal amount needed for the acquisition of a product or service.

Delphiniums

A genus of flowering plants known for their tall spikes of colorful flowers, commonly found in gardens.