Think of Three Different Economic Examples Where Cross-Sectional Data Could

question 59

Essay

Think of three different economic examples where cross-sectional data could be collected. Indicate in each of these cases how you would check if the analysis is externally valid.

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Definitions:

Labor Force

The total number of people who are both employed and actively seeking employment.

Actively Looking

The process in which individuals engage in a diligent search for employment or opportunities, often involving submitting applications and attending interviews.

Supply-Side Shocks

Unexpected events that affect the supply side of the economy, causing shifts in cost and availability of goods and services.

OPEC Policies

OPEC policies are strategies and guidelines adopted by the Organization of Petroleum Exporting Countries to regulate the oil supply in the global market to stabilize oil prices.