The Type of Sample in Which Every Member of the Population

question 13

Multiple Choice

The type of sample in which every member of the population has a known and equal chance of selection is called a:

• A) probability sample.
• B) simple random sample.
• C) judgement sample.
• D) convenience sample.
• E) quota sample.

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Definitions:

Income Elasticity

A measure of how the quantity demanded of a good responds to a change in consumers' income, indicating the good's necessity or luxury status.

Price Inelastic

Price inelastic refers to a situation where the demand for a good or service is relatively unaffected by changes in its price, indicating that consumers continue to purchase the product even if its price rises or falls significantly.

Income Elasticity

A measure of how the demand for a good or service changes in response to changes in income.

Price Inelastic

Refers to a situation where demand or supply for a product is relatively unresponsive to price changes.