The First Step in Developing a Sampling Plan Is To

question 14

Multiple Choice

The first step in developing a sampling plan is to:

• A)identify a sampling frame.
• B)determine the sample size.
• C)define the population of interest.
• D)choose a data-collection method.
• E)decide on an operational procedure for selecting the sample.

---

Definitions:

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.

Explicit Costs

Direct, out-of-pocket payments for goods and services required to run a business.

Accounting Profit

Sales minus explicit cost. Implicit costs are not considered.