When using statistics in economics, the possibility of error
A)is not considered to be important.
B)can be eliminated with more sophisticated statistical techniques.
C)cannot be evaluated.
D)cannot be controlled.
E)cannot be eliminated.

Question

Quizplus · Accepted Answer

Error cannot be completely eliminated in statistical analysis, as it is inherent in the data and the modeling process. However, techniques such as hypothesis testing and confidence intervals can help to quantify and control for error.

When Using Statistics in Economics, the Possibility of Error