A Sample in Which Every Possible Combination of Items in the Population

question 100

Multiple Choice

A sample in which every possible combination of items in the population has an equal chance of constituting the sample is a:

• A) statistical sample.
• B) random sample.
• C) representative sample.
• D) judgement sample.

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Definitions:

Equilibrium Output

The level of output where the quantity of goods and services produced equals the quantity of goods and services demanded.

Expansionary Gap

A situation in macroeconomics where the actual output in an economy exceeds the potential output, traditionally leading to inflation.

Actual Price Level

The current market prices of goods and services, reflecting the real value of money and the purchasing power of consumers.

Recessionary Gap

The difference between real GDP when the economy is in a recession and the GDP at full employment, indicating underutilized resources.