Which of the Following Statements Applies to a Point Estimate

question 154

Multiple Choice

Which of the following statements applies to a point estimate?

• A) The point estimate is a parameter.
• B) The point estimate will tend to be accurate if the sample size exceeds 30 for non-normal populations.
• C) The point estimate is subject to sampling error and will almost always be different from the population value.
• D) The point estimate is needed to determine the required sample size when estimating the population mean.

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Definitions:

Economic Activity

encompasses all actions involved in the production, distribution, and consumption of goods and services within an economy.

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating behavior of the marketplace where individuals pursuing their self-interest inadvertently benefit society.

Desirable Market Outcomes

Market results that are sought after for their positive impact on consumers, producers, and the overall economy.

Households

Units consisting of people living together, either related by blood, marriage, or adoption, making economic decisions as a single entity.