Determine Whether the Given Value Is a Statistic or Parameter

question 69

Multiple Choice

Determine whether the given value is a statistic or parameter
-As shown in the Crime Watch article of the local newspaper, 37% of the crimes in the county in the month of September were crimes against property.

• A) Statistic
• B) Parameter

---

Definitions:

Production Efficiency

A level of production in which the economy can no longer produce additional amounts of a good without lowering the production level of another product.

Production Inefficiency

A situation where a firm or economy is not producing at the lowest possible cost or maximally utilizing its resources, leading to waste or lost potential output.

Opportunity Cost

Sacrificing potential opportunities from a range of alternatives by settling on one.

Present Consumption

The portion of current income or resources that is used for consumption, rather than saving or investing.