Primary Data Refer to

question 126

Multiple Choice

Primary data refer to

• A)facts and figures that are newly collected for a project at hand.
• B)facts and figures that have already been recorded before the project at hand.
• C)facts and figures obtained by watching people mechanically rather than in person.
• D)facts and figures obtained by asking people questions through the use of information technology.
• E)conclusions developed from information obtained from a representative sample of a population.

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Definitions:

Inferior Good

A category of products whose demand diminishes when consumer income rises, in opposition to normal goods.

Wage Rate

The fixed amount of compensation or payment provided to an employee by an employer in return for work performed, typically expressed per hour or year.

Utility Maximizer

An individual or entity that seeks to achieve the highest level of satisfaction possible from their consumption choices, given their resources.

Net Seller

An individual or entity that sells more than it purchases in a given market, often resulting in a net inflow of funds.