What to Produce, How to Produce, and for Who to Produce

question 27

True/False

What to produce, how to produce, and for who to produce are the three fundamental economic questions.

---

Definitions:

Standard Error

A statistical measure that estimates the accuracy with which a sample distribution represents a population by using the standard deviation.

Sampling Error

The difference between a population parameter and a sample statistic that results from selecting a sample.

Expected Value

The predicted average outcome of a random variable, computed as the weighted average of all possible values.

Stratified Random Sampling

A probability sampling method in which the population is first divided into strata and a simple random sample is then taken from each stratum.