Evaluate the Following Generalization(s), Identifying Sample, Population, Attribute of Interest

question 90

Essay

Evaluate the following generalization(s), identifying sample, population, attribute of interest, and the extent to which the claims involved are knowable. Consider carefully the size and diversification of the sample and the extent to which the population differs or may differ from the sample; remember, what's important is that the sample be representative.
A survey was made in 1948 in which a large number of names were randomly selected from the telephone book of a large city. The individuals called were asked whether they preferred Truman or Dewey in the presidential race. Over half of the respondents named Dewey, so the pollsters concluded that Dewey would carry the city and region.

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Definitions:

Salvage Value

An asset's forecasted value after its period of usability has concluded.

Cost

The amount of money or resources expended to obtain an asset, service, or achieve a specific outcome.

Annual Net Income

The total profit of a company after subtracting all expenses from revenue for one year.

Net Present Value Method

A financial analysis technique that discounts future cash flows to present value to assess the profitability of an investment or project.