Population Is to Sample as

question 23

Multiple Choice

Population is to sample as

• A) small is to large
• B) reliability is to validity
• C) micro is to macro
• D) set is to subset

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Definitions:

Income Effect

The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.

Opportunity Cost

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

Income Effects

The changes in an individual's or economy's income and how that changes their spending and saving behavior.

Substitution Effects

The change in consumption patterns due to a change in the relative prices of goods.