The Key Issue in Sampling Is That of Representation

question 38

True/False

The key issue in sampling is that of representation. The concept of representation relates to the degree to which a sample drawn from a population can be said to be representative of the population.

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Definitions:

Opportunity Cost

The cost of not choosing the next best alternative when making a decision.

Leisure

Time utilized for enjoyment and relaxation, free from the obligations of work or serious responsibilities.

Substitution Effect

The change in demand for a good that results from a change in price, making the good more or less expensive relative to other goods.

Price Change

An alteration in the cost of a good or service, which can affect demand and supply dynamics in the market.