How Do Reliability and Validity Differ? How Do They Complement

question 24

Essay

How do reliability and validity differ? How do they complement each other? Can a measure be reliable but invalid? How?

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Definitions:

Balance of Payments

A comprehensive summary of a country's economic transactions with the rest of the world over a specific time period, including trade, services, and financial transfers.

Capital Account

A component of a nation’s balance of payments that records all transactions of purchase and sale of assets, like real estate and stocks with other countries.

Financial Account

A component of a country's balance of payments that records transactions of foreign investment and domestic investments abroad.

Capital Account

A national account that shows the net change in asset ownership for a country, including transactions like foreign investments and loans.