16. Goals of data analysis
Consider the following scenario.
One economist argues that inflation and unemployment are negatively correlated, while another argues that there is no correlation
between the two economic indicators. They seek to settle the argument with an empirical analysis of unemployment and price-level
data.
This scenario most closely aligns with which of the following goals of data analysis?
Describing the economy
Quantifying relationships
Predicting the future
Testing hypotheses

Question

25-05-2024
Business

Answered

16. Goals of data analysis
Consider the following scenario.
One economist argues that inflation and unemployment are negatively correlated, while another argues that there is no correlation
between the two economic indicators. They seek to settle the argument with an empirical analysis of unemployment and price-level
data.
This scenario most closely aligns with which of the following goals of data analysis?
Describing the economy
Quantifying relationships
Predicting the future
Testing hypotheses

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-25T21:39:54-04:00

Final answer:

The goal of data analysis in the scenario is to quantify relationships between economic variables like inflation and unemployment using regression analysis.

Explanation:

Quantifying relationships is the goal of data analysis that aligns with the scenario described in the question. In this case, economists aim to settle a disagreement by empirically analyzing the relationship between inflation and unemployment. They seek to determine if the variables are negatively correlated or if there is no correlation between them. Through regression analysis, they can measure how changes in one variable affect the other while holding other variables constant.

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