THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 165

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The Quality Assurance Department of a large restaurant is attempting to monitor and evaluate customer satisfaction with restaurant services.Prior to their departure,a random sample of customers is asked to fill out a short questionnaire to rate such services as quality of food,price,waiting time to be served,and cleanliness of the place.The Quality Assurance Department prepares weekly reports that are used to improve the services.
-In this restaurant services study,the process of using sample information for predictions,forecasts,and estimates is called:

• A)inferential statistics.
• B)descriptive statistics.
• C)statistical survey.
• D)process.

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Definitions:

Price Level

An indicator that measures the typical prices for a comprehensive selection of goods and services within the economy.

Quantity Theory of Money

An economic theory that relates the money supply to the level of prices and the rate of inflation, proposing that changes in the money supply will directly affect price levels in the economy.

Money Supply

The aggregate volume of currency and liquid instruments circulating within an economy, crucial for determining inflation rates and monetary policy.

Real GDP

The measure of a country's economic output adjusted for price changes or inflation.