Economics Can Best Be Described as

question 47

Multiple Choice

Economics can best be described as

• A)the application of sophisticated mathematical models to address social problems.
• B)the study of how to reduce inflation and unemployment.
• C)the study of the use of scarce resources to satisfy unlimited human wants.
• D)the study of how a society ought to allocate its resources.
• E)a normative science.

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Definitions:

Population Parameter

A numerical characteristic or measure that describes an aspect of a population, such as its mean or variance.

Sampling Distribution

The distribution of probabilities for a certain statistic, obtained from a random sample.

Sample Statistic

A numerical measure that describes an aspect of a sample of a population.

Probability Samples

Samples chosen in such a way that every member of the population has a known, non-zero chance of being included.