- CFA Exams
- CFA Level I Exam
- Topic 1. Quantitative Methods
- Learning Module 5. Sampling and Estimation
- Subject 1. Sampling Methods

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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

Every sample of size M is independent of any other sample of size M.

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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