Economists Like to Use Graphs and Equations Primarily Because

question 324

Multiple Choice

Economists like to use graphs and equations primarily because

• A) these tools efficiently express economic concepts.
• B) economics should be difficult.
• C) mathematical aptitude is necessary to understand economics.
• D) the use of mathematics reduces rigor.

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Definitions:

Standard Normal Distribution

A normal distribution with a mean of 0 and a standard deviation of 1, used in statistical analysis.

Mean

The average of a set of numbers, calculated by dividing the sum of all the numbers by the count of numbers.

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly the mean; it is used to estimate the efficiency, accuracy, or precision of a sample-based estimate.

Sample Mean

The average value of a sample set of numbers, calculated by adding all the values together and dividing by the number of values.