A Numerical Summary of a Population Is a

question 37

Multiple Choice

A numerical summary of a population is a

• A) Parameter
• B) Statistic
• C) Variable
• D) Qualitative response

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Definitions:

Inflation Rate

The rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling.

Market Basket

A selected set of goods and services used to track changes in prices and inflation over time, representing the typical consumption of a household.

CPI

A gauge of the weighted average cost of a selection of consumer goods and services, including transportation, healthcare, and food, known as the Consumer Price Index.

CPI

Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services.