A Market Researcher Is Interested in Determining the Average Income

question 56

Multiple Choice

A market researcher is interested in determining the average income for families in Duval County, Florida. To accomplish this, she takes a random sample of 400 families from the county and uses the data gathered from them to estimate the average income for families of the entire county. This process is an example of ___.

• A) categorical data
• B) quantitative data
• C) descriptive statistics
• D) inferential statistics
• E) census

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Definitions:

Per-Worker Production Functions

A model depicting how the output produced by an average worker changes in response to varying levels of capital or technology per worker.

Tractors Per Worker

A measure of capital intensity, representing the number of tractors available to each worker in the agricultural sector to enhance productivity.

Factors Of Production

The inputs used in the production of goods or services in the process of creating economic value, which include land, labor, capital, and entrepreneurship.

Medical Technology

The application of scientific knowledge and devices for the purpose of diagnosis, treatment, and monitoring of diseases.