When an Administrator at a Local Hospital Prepares a Series

question 72

Multiple Choice

When an administrator at a local hospital prepares a series of charts and graphs pertaining to the patients that have stayed at the hospital during the past month, she is using which general category of statistical analysis?

• A) Quantitative statistics
• B) Inferential statistics
• C) Descriptive statistics
• D) Random sampling

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Definitions:

Natural Resources

Raw materials and environmental assets that are found in nature and can be used for economic gain.

Elasticity of Demand

Estimating how much the demand for a product fluctuates in response to changes in its price.

Resource Markets

Markets in which business firms demand factors of production (for example, labor, capital, and natural resources) from household suppliers. The resources are then used to produce goods and services. These markets are sometimes called factor markets or input markets.

Quantity Supplied

The quantity of a product or service that suppliers are ready and capable of selling at a specific price.