CFA Practice Question

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CFA Practice Question

A sample is chosen by numbering all the red books in a library and then choosing the ones that correspond to random digits in a table.

Is the sample independent? Is it a simple random sample? Of what population?

Correct Answer: Population: Red books in the library

Sample: Simple random, because every one of the distinct samples has an equal chance of being drawn, where M = sample size, N = number of red books.
Every sample of size M is independent of any other sample of size M.

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