PGA Conducts a Study in Which They Use a Simple

question 37

Multiple Choice

PGA conducts a study in which they use a simple random sample of 600 golfers.They examine the data from the sample and calculate that 28% of them own golf clubs made in the USA.The 28% is the

• A)average handicap of these golfers.
• B)sample statistic.
• C)population mean for all golfers.
• D)population parameter.
• E)None of the above.

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Definitions:

Allocation of Resources

The process of distributing available resources among various uses in an economy to meet the needs and desires of individuals and entities.

Favored Customers

Clients who receive special benefits from sellers due to their status, volume of purchase, or long-standing relationship.

Excess Demand

Occurs when the quantity demanded of a good or service exceeds the quantity supplied at a given price, leading to shortages.

Nonprice Rationing

Distribution or allocation of goods and services based on criteria other than price, often used when there is a shortage.