Parking at a Large University Has Become a Very Big

question 61

Multiple Choice

Parking at a large university has become a very big problem. University administrators are interested in determining the average parking time (e.g. the time it takes a student to find a parking spot) of its students. An administrator inconspicuously followed 250 students and carefully recorded their parking times. The university is interested in using the information from the sample of 250 students collected to learn information about the entire student parking population. Would this be an application of descriptive or inferential statistics?

• A) Inferential statistics
• B) Descriptive statistics

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Definitions:

Open Economy

An economy linked to the rest of the world through international trade.

Equilibrium GDP

The level of GDP at which total demand for goods and services equals total supply in an economy, indicating a state of economic balance.

Aggregate Demand

The entirety of demand for goods and services within an economy, at a chosen general price level and throughout a specified time period.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing to sell at a given price level in a given time period.