In Economics, a Lottery Is

question 2

Multiple Choice

In economics, a lottery is:

• A)the likelihood that a particular outcome occurs.
• B)a depiction of all possible outcomes of an event and their associated probabilities.
• C)any event for which the outcome is uncertain.
• D)a measure of risk associated with some event.

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Definitions:

Population Standard Deviation

Population Standard Deviation measures the dispersion or variability within a set of values for an entire population, indicating how much the individual data points differ from the mean.

Computation Errors

Mistakes or inaccuracies that occur in the process of calculating or processing data.

Sample

A Sample is a subset of individuals or items selected from a larger population for the purpose of statistical analysis.

Standard Deviation

Standard deviation is a measure of the dispersion or variation in a set of values, indicating how much the values deviate from the mean.