A Numerical Measure from a Sample, Such as a Sample

question 70

Multiple Choice

A numerical measure from a sample, such as a sample mean, is known as _____.

• A) a statistic
• B) a parameter
• C) the mean deviation
• D) the central limit theorem

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Definitions:

Autarky

An economic system where a region or country is self-sufficient and does not engage in international trade.

Consumer Surplus

The discrepancy between what buyers are willing to offer for an item or service and the price they actually pay.

Producer Surplus

Producer surplus is the difference between the amount producers are willing and able to supply a good for and the actual amount they receive due to market price.

Autarky

An economic system wherein a country or entity is self-sufficient and does not engage in international trade.