I a Simple Random Sample Assumes That Each Item or Person

question 17

Multiple Choice

i. A simple random sample assumes that each item or person in the population has an equal chance of being included.
Ii) We can expect some difference between sample statistics and the corresponding population parameters. This difference is called the sampling error.
Iii) A sampling distribution of the means is a probability distribution consisting of a list of all possible sample means of a given sample size selected from a population and the probability of occurrence associated with each sample mean

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and (ii) are correct statements, but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) All statements are false

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Definitions:

Factor of Production

Inputs used in the production of goods or services, typically categorized into land, labor, capital, and entrepreneurship.

Cross Elasticity of Demand

The ratio of the percentage change in quantity demanded of one good to the percentage change in the price of some other good. A positive coefficient indicates the two products are substitute goods; a negative coefficient indicates they are complementary goods.

Inferior Goods

Goods for which demand decreases as the income of the consumer increases, as they are typically replaced with more expensive alternatives.

Substitute Goods

Products or services that can replace each other in use or consumption, leading to a choice between them based on price, preference, or other factors.