A Summary Measure That Is Computed to Describe a Characteristic

question 60

Multiple Choice

A summary measure that is computed to describe a characteristic from only a sample of the
Population is called

• A) an ordered array.
• B) a summary table.
• C) a statistic.
• D) a parameter.

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Definitions:

Average Tax Rate

The proportion of total income that is paid as taxes, calculated by dividing the total amount of taxes paid by the total income.

Elastic Supply

A situation where the quantity supplied of a good responds significantly to changes in its price.

Subsidy Benefit

Subsidy Benefit refers to the financial advantage received by individuals or businesses from government subsidies, intended to promote certain activities or lower costs.

Elastic Supply

The situation where the quantiry supplied of a good is sensitive to changes in its price.