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Jacob is a hardworking employee in a public relations firm. He is very punctual and works ten-hour days. However, he earns less than his colleague who is irregular and works only seven-hour days. When Jacob comes to know of this, he becomes dejected and decides to quit his job. The given scenario exemplifies _____.
Sampling Error
The error that occurs due to observing a sample instead of the whole population, which may cause sample statistics to differ from the actual population parameters.
Confidence Interval
A statistical interval estimating the range within which a population parameter is expected to lie, based on sample data and a specified confidence level.
Wall Street Journal
A major international daily newspaper known for its comprehensive coverage of finance, economics, and stock market news, as well as general news and information.
Gallup Poll
A type of public opinion polling or survey conducted to assess the opinions, attitudes, and behaviors of the public on various topics, often related to politics, economics, and social issues.
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