Sorting a Collection of Cases into Two or More Groups

question 13

Multiple Choice

Sorting a collection of cases into two or more groups is referred to as _____,whereas _____ refers to selecting a smaller subset of cases from a larger pool of cases.

• A)random sampling;random assignment
• B)random assignment;random selection
• C)purposive sampling;selective sampling
• D)random assignment;random sampling
• E)random assignment;purpose sampling

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Definitions:

Spillover Cost

A cost incurred by someone who did not choose to incur that cost.

Allocative Efficiency

A state of the market where resources are allocated in a way that maximizes the net benefit to society.

Productive Efficiency

Productive efficiency occurs when an economy is operating at its maximum capacity, producing goods and services at the lowest possible cost per unit.

Marginal-Cost-Marginal-Benefit Rule

The marginal-cost-marginal-benefit rule states that optimal decision-making occurs when the marginal cost of an action equals its marginal benefit, ensuring efficient resource allocation.