Because It Is Difficult for Economists to Use Experiments to Generate

question 72

Multiple Choice

Because it is difficult for economists to use experiments to generate data,they generally must

• A)do without data.
• B)substitute assumptions for data when data are unavailable.
• C)rely upon hypothetical data that were previously concocted by other economists.
• D)use whatever data the world gives them.

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Definitions:

Income Share

The portion of total national or organizational income received by an individual, group, or class, often analyzed in discussions of income distribution inequality.

Highest Percentage

Refers to the highest ratio or fraction, often expressed as a percentage, within a set of figures or statistical data.

Government Programs

Initiatives and services provided by the government aimed at achieving specific socio-economic goals.

Economic Efficiency

A situation where resources are allocated in the most effective way possible, maximizing the potential for meeting needs and wants.