The Size of the Federal Government's Most Recent Annual Budget

question 40

Multiple Choice

The size of the federal government's most recent annual budget was

• A)just over $100 billion.
• B)nearly half a trillion dollars.
• C)almost $1 trillion.
• D)around $4 trillion.

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Definitions:

Point Estimate

A single value or statistic that serves as the best guess or most probable value of an unknown population parameter.

Population Parameter

A numerical value that summarizes a characteristic of an entire population.

Random Sampling

A method in statistical analysis where individuals or items are selected from a larger population entirely by chance, ensuring that every member has an equal opportunity of being chosen.

Convenience Sampling

A non-probability sampling method where participants are selected based on their availability and proximity to the researcher.