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3 cards from this section. Quick, good the night before a test.
What is the definition of statistics?
Think about how data is used in economics.
Name two types of data used in statistics.
One can be measured, the other described.
What is statistics primarily used for in economics?
Think about the role of hard data in making decisions.
True or False: Qualitative data can be expressed in numerical terms.
Recall the difference between types of data.
If the national unemployment rate is decreasing while inflation is increasing, analyze how the government could use statistics to address both.
Consider relationships between different economic indicators.
Propose a model to collect data on consumer spending trends and how this data could influence economic policy.
Think of how consumer preferences differ based on economic conditions.
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