I If the Sample Size Keeps Getting Larger and Larger

question 62

Multiple Choice

i. If the sample size keeps getting larger and larger and finally equals the size of the population,
There would be no error in predicting the population mean because the sample size and the size of
The population would be the same.
ii. A simple random sample assumes that each item or person in the population has an equal
Chance of being included.
iii. We can expect some difference between sample statistics and the corresponding population
Parameters. This difference is called the sampling error.

• A) (i), (ii), and (iii) are all correct statements
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Diminishing Marginal Product

The decrease in the additional output produced when one more unit of input is added, keeping all other inputs constant.

Average Total Cost

The cost for each unit produced, found by taking the total cost of producing goods and dividing it by the output quantity.

Production Function

An equation that describes the maximum amount of output that can be derived from a set number of inputs.

Diminishing Marginal Product

The principle that says the marginal product of a factor of production decreases as the quantity of the factor is increased, holding all else constant.