The Art of Economics Is

question 67

Multiple Choice

The art of economics is:

• A)the application of the knowledge gained by positive economics to the goals set in normative economics.
• B)purely technical and therefore more objective than positive or normative economics.
• C)purely subjective so that the economist as artist does not have to strive for the same level of objectivity that positive or normative economists do.
• D)the branch of economics farthest removed from practical application, since its goal is to create the most elegant mathematical models.

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Definitions:

Set of Data

A collection of numbers or values that are usually related and can be analyzed statistically.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a data set differ from the mean.

Set of Data

A set of data refers to a collection of data points or values gathered from observations, experiments, or surveys, used for analysis.

Population Standard Deviation

A metric indicating how spread out a dataset is from its average, computed for the whole population.