A "Peer Group" Is a Group, Class or Category of People

question 74

True/False

A "peer group" is a group, class or category of people to which individuals believe they belong.

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Definitions:

Normative Economic Statement

A statement that reflects an opinion, which cannot be proved or disproved by reference to the facts.

Hypothesis

A theory about how key variables relate.

Scientific Method

A systematic and empirical approach to research in which a question is identified, relevant data is gathered, a hypothesis is formulated, and the hypothesis is empirically tested.

Economic Variables

Key factors or indicators that reflect the economic performance or position of an economy, such as GDP, inflation, and unemployment rate.