If It Is Being Used to Make Inferences About a Population

question 50

Multiple Choice

If it is being used to make inferences about a population, a good statistic (or estimator) should

• A)Show correlation.
• B)Be derived from population data.
• C)Be accurate and precise.
• D)None of these.

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Definitions:

Human Capital

The economic value of the skills, knowledge, and experiences possessed by an individual or population.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, providing a more accurate reflection of an economy's size and health.

Percent

A mathematical term representing a part per hundred in everything from finance to statistics.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time, often measured as the percent rate of increase in real gross domestic product (GDP).