Observational Data Refer to

question 169

Multiple Choice

Observational data refer to

• A) facts and figures newly collected for the project at hand.
• B) facts and figures obtained by watching, either mechanically or in person, how people actually behave.
• C) facts and figures obtained by asking people questions either through personal interviews, panel discussions, or questionnaires.
• D) facts and figures that have already been recorded from multiple sources prior to the project.
• E) conclusions developed from information obtained from a representative sample of a population.

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Definitions:

Wage

The payment to labor for its contribution to the production process, typically calculated on an hourly, daily, or piecework basis.

Marginal Expenditure

Additional cost of buying one more unit of a good.

Factor of Production

Resource inputs used in the production of goods and services, typically categorized into land, labor, capital, and sometimes entrepreneurship.

Marginal Revenue Product

The additional revenue generated from using an additional unit of a resource or input.