Giffen Goods

question 253

Multiple Choice

Giffen goods

• A)are theoretical and have never been discovered in the real world.
• B)have not existed since prior to the Industrial Revolution.
• C)were proven to exist in the 1890s by Sir Robert Giffen.
• D)were not shown to actually exist until 2006.

---

Definitions:

Point Estimate

A single value or statistic that serves as the best guess or estimate of a population parameter.

Population Mean

Population mean is the average value of all elements in a complete set or population.

Point Estimator

A single value or statistic calculated from sample data that is used to estimate a population parameter.

Binomial Populations

Populations wherein each member must fall into one of two categories, which are mutually exclusive.