In Constructing Models,economists

question 137

Multiple Choice

In constructing models,economists

• A)leave out equations,since equations and models tend to contradict one another.
• B)ignore the long run,since models are useful only for short-run analysis.
• C)sometimes make assumptions that are contrary to features of the real world.
• D)try to include every feature of the economy.

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Definitions:

P-value

A function of the observed sample results in a statistical hypothesis test, representing the probability of obtaining test results at least as extreme as the results actually observed, under the assumption that the null hypothesis is correct.

Speeds

Rates at which an object covers distance, often measured in units like miles per hour or kilometers per hour.

ANOVA Table

A statistical table used to analyze the differences among group means in a sample by comparing variance estimates.

F-ratio

a statistical measure used in the analysis of variance (ANOVA) to compare the variance between groups to the variance within groups.