There Are 6 Children in a Family

question 13

Multiple Choice

There are 6 children in a family. The number of children defines a population. The number of simple random samples of size 2 (without replacement) that are possible equals _____.

• A) 12
• B) 15
• C) 3
• D) 16

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Definitions:

Market Outcomes

The final results of all the buying and selling interactions between consumers and firms in a particular market.

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Market Inequalities

Disparities that exist within the economic market system, often reflecting differences in wealth, income, and access to resources.

Opportunity Cost

The forgone benefit that would have been derived by an option not chosen.