Use the Following to Answer Question(s)

question 125

Multiple Choice

Use the following to answer question(s) :
Exhibit: Sugar and Freight Trains

-(Exhibit: Sugar and Freight Trains) Suppose the economy is operating at point C. The opportunity cost of producing the fourth freight train would be:

• A) 19 tons of sugar.
• B) 45 tons of sugar.
• C) 80 tons of sugar.
• D) 3 freight trains.

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Definitions:

Sample Frame

The list or database from which a sample is drawn for research or statistical analysis, representing the population of interest.

Population

The total number of individuals within a specified area or group, often used in statistics and research.

Sample

A subset of a population selected for measurement, observation, or questioning to provide statistical information about the population.

Sampling Error

The error that occurs in statistical analysis from selecting a sample that is not perfectly representative of the entire population, potentially leading to inaccurate results.