Sampling Error Refers to _____

question 38

Multiple Choice

Sampling error refers to _____.

• A) differences between the sample statistics and the population's parameters caused by random fluctuations inherent in the sampling process
• B) bias caused by using a poor sampling frame
• C) error created by systematic variance
• D) differences between the results of a census and the population's parameters
• E) error created by differences between those who respond to the survey and those who do not

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Definitions:

Marginal Costs

The incremental cost of manufacturing one more unit of a product or service.

Studying Economics

The academic pursuit of understanding how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their desires and needs.

Opportunity Cost

Opportunity Cost is the foregone benefit that would have been derived by choosing the next best alternative when making a decision.

Marginal Analysis

An examination of the added benefits of an activity compared to the added costs incurred by that same activity.