Give an Example of Two Different Sets of Assumptions That

question 30

Essay

Give an example of two different sets of assumptions that could underlie different economic models.

Understand the concept and calculation of statistical significance.

Know the basic elements of setting up and analyzing data from surveys.

Appreciate the role of standard deviation and standard error in the interpretation of statistical data.

Recognize that a significant correlation does not imply causation.

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Definitions:

Ounces

A unit of weight in the avoirdupois system, equal to 1/16 of a pound or approximately 28.35 grams.

Liters

A metric unit of volume equal to 1,000 cubic centimeters or about 0.26 gallons.

Milligrams

A reiterated definition: A metric unit of weight that equals to 0.001 grams, frequently used in pharmaceutical measurements.