When Using Statistics in Economics,the Possibility of Error

question 32

Multiple Choice

When using statistics in economics,the possibility of error

• A)cannot be controlled.
• B)cannot be eliminated.
• C)can be eliminated with more sophisticated statistical techniques.
• D)is not considered to be important.
• E)cannot be evaluated.

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Definitions:

Set Notation

A standardized method of describing or defining a set by clearly specifying its elements or the properties that its members must satisfy.

Absolute Value Inequality

An inequality that involves the absolute value of a variable expression and defines a range of solutions.

Solution

A quantity or array of quantities that solve an equation, inequality, or simultaneous equations.

Absolute Value

The distance of a number from zero on the number line, without considering direction; always a non-negative number.