Value Judgments in Economics

question 84

Multiple Choice

Value judgments in economics:

• A) are necessary when objective analysis cannot address a question.
• B) can always be avoided with the use of objective analysis.
• C) are essential parts of positive economics.
• D) can be avoided through the use of normative economics.

Differentiate between quantitative and categorical variables.

Compare and contrast distributions across different samples or groups.

Apply knowledge of statistics to real-world contexts, such as sports, natural phenomena, and medical data.

Critically analyze summaries of datasets, identifying key features and potential outliers.

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Definitions:

Human Welfare

The general health, happiness, and safety of individuals and communities.

Office Gang

A group of colleagues who often collaborate or socialize together within a workplace.

Affiliation

A connection or association with a larger organization, group, or movement.

Unrealistic Goals

Objectives that are not feasible or practical to achieve due to their excessive or overly ambitious nature.