The Act of Collecting Data That Are Representative of the Population

question 58

Multiple Choice

The act of collecting data that are representative of the population data is called

• A)random sampling.
• B)sample data.
• C)population sampling.
• D)sources of data.

---

Definitions:

Price of X

The amount of money required to purchase a specific product or service, denoted as 'X'.

Price of Y

This generally refers to the cost required to purchase a specific item or commodity denoted as "Y".

Income

Funds acquired regularly as a result of work or investment ventures.

Utility Function

Represents a consumer's preferences in a way that the utility or satisfaction they get from various goods or services can be measured and compared.