Economics Basics Quiz

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Questions and Answers

What is economics?

Economics is a social science that studies the production, distribution, and consumption of goods and services.

What does microeconomics analyze?

Microeconomics analyzes individual agents and markets, their interactions, and the outcomes of interactions.

What does macroeconomics analyze?

Macroeconomics analyzes the economy as a system, including production, consumption, saving, investment, and factors affecting it.

What are the broad distinctions within economics?

Broad distinctions within economics include positive economics, normative economics, economic theory, applied economics, rational economics, behavioural economics, mainstream economics, and heterodox economics. Signup and view all the answers

Where can economic analysis be applied?

Economic analysis can be applied throughout society, including business, finance, cybersecurity, health care, engineering, government, and diverse subjects such as crime, education, family, feminism, law, philosophy, politics, religion, social institutions, war, science, and the environment. Signup and view all the answers

What is the main purpose of statistics?

The main purpose of statistics is to collect, organize, analyze, interpret, and present data for scientific, industrial, or social problems. Signup and view all the answers

What are the two main statistical methods used in data analysis?

The two main statistical methods used in data analysis are descriptive statistics, which summarize data from a sample using indexes such as the mean or standard deviation, and inferential statistics, which draw conclusions from data that are subject to random variation. Signup and view all the answers

What is the difference between an experimental study and an observational study in statistics?

An experimental study involves manipulating the system under study and taking measurements to determine the effects of the manipulation, while an observational study does not involve experimental manipulation. Signup and view all the answers

How do statisticians ensure that inferences and conclusions can reasonably extend from a sample to the population as a whole?

Statisticians ensure this by using representative sampling, which assures that inferences and conclusions can reasonably extend from the sample to the population as a whole. Signup and view all the answers

What is the role of census data in statistics, and what do statisticians do when census data cannot be collected?

Census data is used when possible, but when it cannot be collected, statisticians develop specific experiment designs and survey samples to collect data. Signup and view all the answers