The Problem with Relying on a Point Estimate of a Population

question 36

Multiple Choice

The problem with relying on a point estimate of a population parameter is that:

• A)it has no variance.
• B)it might be unbiased.
• C)it might not be relatively efficient.
• D)it does not tell us how close or far the point estimate might be from the parameter.

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Definitions:

Checking Accounts

These are types of bank accounts that allow for both deposits and withdrawals, commonly used for everyday transactions.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are from the mean.

Daily Temperatures

Data points representing the temperature measurements taken each day over a given period.

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true.