A Simple Random Sample of Size N from an Infinite

question 33

Multiple Choice

A simple random sample of size n from an infinite population of size N is to be selected. Each possible sample should have

• A)the same probability of being selected
• B)a probability of 1/n of being selected
• C)a probability of 1/N of being selected
• D)a probability of N/n of being selected

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Definitions:

Price Rise

An increase in the price level of goods and services, often measured by inflation rates or observed in market price adjustments.

Comparative Advantage

The ability of a country to produce a good or service at a lower opportunity cost than its trading partners.

Fewer Resources

The state of having limited amounts of inputs required to produce goods and services, such as capital, labor, and materials.

Exchange Rates

The worth of a currency when converted into another, establishing the quantity of one currency that can be swapped for another.