Data are important in economics because _________ and ____________?
Correct answer: A. they suggest relationships for explanation, allow testing of hypotheses
- A. they suggest relationships for explanation, allow testing of hypotheses
- B. they can be used for tables, they can be graphed
- C. they can be used in computers governments use them
- D. they provide interesting information can be summarized
Explanation
Economic data help economists identify relationships between variables and test whether hypotheses are supported by evidence. Tables and graphs are methods of presenting data, not their main economic importance.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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