The application of statistical methods to empirical questions in economics is known as
A) Positive economic analysis
B) Normative economic analysis
C) The scientific method
D) Econometrics

Question

Quizplus · Accepted Answer

Econometrics refers to the application of statistical methods to analyze economic data and test economic theories. It combines economic theory, mathematics, and statistical inference to make informed economic predictions and policy recommendations.

The Application of Statistical Methods to Empirical Questions in Economics