Discuss the Trade-Offs That Must Be Made in Experimental Design

question 81

Essay

Discuss the trade-offs that must be made in experimental design formulation when trying to obtain realistic amounts of internal and external validity.

---

Definitions:

Minimum Wage

The lowest legal wage that can be paid to most workers, set by government laws or regulations, intended to ensure a basic standard of living.

Taxes

Compulsory financial charges or levies imposed upon an individual or an organization by a governmental entity to fund various public expenditures.

Real GDP

The measure of the value of economic output adjusted for price changes (inflation or deflation), which reflects the real quantity of goods and services produced.

Stagflation

A situation in economic where slow economic growth and high unemployment occur simultaneously with rising prices (inflation).