Population & Sample Define You will recall definitions for statistical terms. Instructions: Use the example below to select the best answer for each question. An insurance agent would like to find the average selling price for 550 homes in a neighborhood. However, this will take too long. Instead of finding the selling price for all 550 homes, he plans to select 200 homes in the neighborhood. 1. The 550 homes are considered to be which of the following: O The sample O The population O The sample error O The statistic 2. The 200 homes are considered to be which of the following: O The sample O The population O The sample error O The statistic 3. The process that the insurance agent will follow to choose the 200 homes is called: O Random sampling O The data set O The sample error O The parameter 4. The insurance agent finds that the average selling price for the homes is $125,000. Based on this sample statistic we can make assumptions about the average selling price for all the houses in the neighborhood. What is this called? O Random sampling O Inferential data O The sample error O The data set 5. If the average selling price for all 550 homes is $130,000, and the agent finds that the average selling price for the sample homes is $125,000, we know that the is