The Collection and Use of Data to Test Economic Theories

question 94

Multiple Choice

The collection and use of data to test economic theories is

• A) empirical economics.
• B) descriptive economics.
• C) normative economics.
• D) positive economics.

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Definitions:

Single Bit

The smallest unit of data in computing, representing a binary value of either 0 or 1.

Bitmap Graphic

A type of digital image composed of pixels arranged in a grid, each pixel being assigned a specific color, used in digital photography and web graphics.

Compression

Compression is the process of reducing the amount of data required to represent information, through algorithms, to decrease file size or the bandwidth needed for transmission.

Simulation

The process of creating a computer model of a real-world or hypothetical situation to study its behavior under various conditions.