In Business Statistics Class Students Sit Randomly Without Preferences

question 162

True/False

In business statistics class students sit randomly without preferences.A sample is selected by including everybody who sits in the first row.This is an example of a cluster sample.

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Definitions:

Efficient Allocation

The optimal distribution of resources among competing uses, allowing for the best possible achievement of goals with minimal wasted effort or expense.

Resource Allocation

The process of assigning and managing assets in a manner that effectively supports an organization's strategic goals.

Factor Markets

Marketplaces where services of the factors of production (like labor, capital, and land) are bought and sold.

Voluntary Exchange

A transaction where both parties agree to trade goods or services by choice.