A Simple Random Sample from an Infinite Population Is a Sample

question 20

Multiple Choice

A simple random sample from an infinite population is a sample selected such that

• A) each element is selected independently and from the same population.
• B) each element has a 0.5 probability of being selected.
• C) each element has a probability of at least 0.5 of being selected.
• D) the probability of being selected changes.

---

Definitions:

Explicit Costs

Direct, out-of-pocket payments for expenses incurred in conducting business, such as wages and materials.

Nonexpenditure Costs

Costs not directly involving monetary payment but may include time, effort, or loss of opportunity.

Economic Cost

A payment that must be made to obtain and retain the services of a resource; the income a firm must provide to a resource supplier to attract the resource away from an alternative use; equal to the quantity of other products that cannot be produced when resources are instead used to make a particular product.

Contractual Obligation

A legal requirement that a party must adhere to as stipulated in a contract, enforceable by law.