Statistics that allow researchers to generalize to a population from a sample are called______________?
Correct answer: C. inferential
- A. correlational
- B. descriptive
- C. inferential
- D. longitudinal
Explanation
Inferential statistics use sample data to estimate, test or generalize conclusions about a wider population. Descriptive statistics only summarise the data actually observed, while correlational and longitudinal describe types of analysis or study design.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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