A Summary Measure That Is Computed to Describe a Characteristic

question 10

Multiple Choice

A summary measure that is computed to describe a characteristic of an entire population is called

• A)a statistic.
• B)a census.
• C)a parameter.
• D)the scientific method.

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, indicating gains from trade.

Importing Country

A nation that buys goods and services from foreign countries to fulfill its domestic demands, which can affect its trade balance and economic health.

World Price

The worldwide market value of a product or service, established by the universal demand and supply.