The First Day of Class Your Statistics Professor Collects Information

question 42

Multiple Choice

The first day of class your statistics professor collects information about you,such as your age,your hometown,your commute time,and whether you are working a part-time job.Later for a class project you decide to use this data to find out information about your class.This is an example of using ________.

• A)available data
• B)anecdotal evidence
• C)extrapolation
• D)confounding

---

Definitions:

Diseconomies of Scale

The phenomenon where production costs per unit increase as an operation scales up, typically due to inefficiencies or increased complexities.

Long-Run

The long-run refers to a period in economics where all factors of production and costs are variable, allowing all inputs to be adjusted.

Short-Run

A period in economics during which at least one factor of production is fixed, focusing on immediate effects and adjustments.

Spreading Effect

A phenomenon in economics where an initial investment leads to additional benefits that spread beyond the immediate context, often stimulating further economic activity.