Quantitative Methods Have Pros and Cons-Which of the Following Expressions

question 1

Multiple Choice

Quantitative methods have pros and cons-which of the following expressions best encapsulates the importance of the quality of data that you collect and analyze?

• A) "garbage in, garbage out"
• B) "There are three types of lies: lies, damn lies, and statistics."
• C) "The data will tell you anything if you torture them long enough."
• D) "Facts are stubborn things, but statistics are pliable."

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Definitions:

Bubble Gum

A type of chewing gum that is designed to be more elastic so that it can be blown into bubbles by the chewer.

Utility Function

A mathematical representation of how consumers rank different bundles of goods based on the satisfaction or utility those goods provide.

Indifference Curve

A graphical representation of different bundles of goods between which a consumer is indifferent, showing the combinations of two goods that give the consumer the same level of satisfaction.

Horizontal Axis

In a graph or chart, the horizontal axis is typically used to represent the independent variable or the base measurement.