The Use of Statistics in Economics Is

question 26

Multiple Choice

The use of statistics in economics is

• A)to test predictions and to estimate the values of variables in economic theories.
• B)to study how the economic system should perform basic economic functions.
• C)to model nature.
• D)for descriptive purposes only.
• E)entirely devoid of ethical judgments.

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Definitions:

Clayton Act

Prohibits the practice of tie-in sales when they substantially lessen competition.

Tie-In Sales

A sales technique where the purchase of one product requires the purchase of another product as well.

Exclusive Agreements

Contracts that restrict parties from engaging in similar agreements with others, often used in distribution or partnership scenarios.

Exclusive Dealership

A business agreement in which a supplier grants a retailer the right to be the sole seller of its product or service in a specific geographical area.