If the Expected Value of a Sample Statistic Is Equal

question 33

Multiple Choice

If the expected value of a sample statistic is equal to the parameter it is estimating,then we call that sample statistic

• A)unbiased.
• B)minimum variance.
• C)biased.
• D)random.

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Definitions:

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The process of growing, harvesting, and processing wool fibers from sheep or other animals for use in textile production.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade.

Absolute Advantage

The ability of a party, company, or country to produce a good or service more efficiently than its competitors using the same amount of resources.