The Data in the Table Below Assumes That with the Same

question 71

Multiple Choice

The data in the table below assumes that with the same quantity of resources, both Australia and Philippines produces food and computers.Australia can make 1, 000 computers or 2, 000 units of food in a day, and the Philippines can make 200 computers or 1, 200 units of food in a day. Table 20.2 According to Table 20.2, what is the opportunity cost of 1 computer in the Philippines?

• A)6 units of food
• B)Three-fifths of a unit of food
• C)One-sixth of a unit of food
• D)2 units of food
• E)1 unit of food

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Definitions:

Point Estimate

A single value estimate of a parameter that best describes an aspect of a population based on sample data.

True Proportion

The actual ratio of individuals or items within a specified category to the total population, often used in statistical analysis to represent an exact value.

Sampling Distribution

The distribution of a statistic based on all possible random samples that can be drawn from a given population.

Sample Means

The average values derived from samples, considered as estimations of the population mean, crucial in the field of inferential statistics.