The Act of Collecting Data That Are Representative of the Population

question 45

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)applications of business analytics.

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Definitions:

Economic Profits

The surplus after a firm subtracts its total costs from its total revenue, considering both explicit and implicit costs.

Consumer Desire

The inclination or preference of consumers towards specific goods, services, or experiences, driven by individual needs and wants.

Economic Efficiency

A situation where resources are allocated in the most effective way possible to meet an economy's needs and wants.

Roundabout Production

A process of investing in capital goods to enhance productivity and efficiency, typically leading to greater output in the long run.