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Please read the below paragraph and explain what is meant by: non probability sampling may not be as accurate as probability sampling methods
When the analysis is a based on an entire group or in other words all of the members of the group under study then the population is in place. A sample is taken when this population is too large to measure each one of the members. Think about it from this perspective, if you were investigating McDonalds restaurants, all the McDonalds restaurants in the world would be your population but the sample would be those restaurants that you study.
Probability sampling is similar to pulling a number out of a hat. In the McDonalds scenario if data is needed from the restaurants, one way for obtaining the information would be to draw a sample for a survey based on the zip codes of the specific restaurants. This would be a probability sampling. However, in non-probability sampling the researcher could simply decide to drive to a specific McDonalds restaurant and obtain the information through the survey. Although non probability sampling is a convenient way to conduct a survey, it is not as accurate or rigorous as probability sampling methods.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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