Sample and Population Statistics | CFA® Level 1 Exam Prep

Sample and Population Statistics

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Question

Which of the following is/are true?

I. A sample is a subset of the population.

II. The population mean is used to estimate the sample mean.

III. The population mean equals the sum of all the available observations divided by the number of observations.

IV. A sample has a unique mean.

Answers

A. I, II, III & IV

B. I, III & IV

C. IV only

D. I only

E. I & III

F. I & IV

G. II only

H. III only

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Explanations

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A. B. C. D. E. F. G. H.

The sample mean is used to estimate the population mean, not the other way around. The sum of all the available observations divided by the number of observations is the sample mean, not the population mean (unless the observation set equals the entire population, which is almost never the case).

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