A Normative Economic Statement Such as "The Minimum Wage Should

question 99

Multiple Choice

A normative economic statement such as "The minimum wage should be abolished"

• A) would likely be made by an economist acting as a scientist.
• B) would require values and data in order to be evaluated.
• C) would require data but not values in order to be evaluated.
• D) could not be evaluated by economists acting as policy advisers.

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Definitions:

Precision

The consistency of outcomes given by multiple measurements in the same conditions without any variation.

Confidence Interval

A scope of values, derived from sampling data analysis, intended to cover the value of an unknown parameter in a population.

Sample Size

The count of observations or duplicates that are part of a statistical sample.

Confidence Interval

A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter at a given confidence level.