The Following Questions Relate to Random Samples and Simple Random

question 20

Short Answer

The following questions relate to random samples and simple random samples.
-To monitor the population of Herring in Manchester, New Hampshire, fisheries biologists catch samples of the fish in a river at various locations determined by a computer randomization program. Does this sampling plan result in a random sample? Simple random sample?

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Definitions:

Resource Markets

Markets where resources or inputs used to produce goods and services, such as labor, capital, and raw materials, are bought and sold.

Absolute Advantage

A situation where a country or entity can produce more of a good with the same amount of resources than other countries.

Production

The method of producing goods or services through the integration of different inputs such as work, materials, and technology.

Two Goods

A reference to two distinct products or commodities in economic analysis, often used in discussions of consumer choice and preference.