Parameters Are

question 94

Multiple Choice

Parameters are

• A) numerical characteristics of a sample.
• B) numerical characteristics of a population.
• C) the averages taken from a sample.
• D) numerical characteristics of either a sample or a population.

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Definitions:

Inflation Rate

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Demand

The volume of goods or services that purchasers are ready and financially able to acquire at several price points within a certain period.

Supply

The total amount of a product or service that producers are willing and able to sell at a given price level in a given time period.

Exchange Rate

The price at which two different currencies are exchanged, for example, ¥10 to the dollar, or $.010 per yuan.