You Are a Research Assistant for a New Study and Have

question 8

Multiple Choice

You are a research assistant for a new study and have just received your first data set. What is the first thing you should do with the data?

• A) Start running basic statistical analyses
• B) Save a copy of the file in case it's damaged or lost later
• C) Begin cleaning for outliers and missing values
• D) Code responses

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Definitions:

Binding Price Ceiling

A government-imposed limit on how high a price can be charged for a product, set below the market equilibrium price, leading to shortages.

Decreases

A reduction in size, quantity, or degree; the opposite of increases.

Tax

A mandatory monetary fee or tax levied by a government on individuals or organizations to finance public spending.

Price Elasticity

An indicator of the sensitivity of the demand for a product to fluctuations in its price.