1.3.1 - Types of Data in Economics
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Practice Questions
Test your understanding with targeted questions
What is quantitative data? Provide an example.
💡 Hint: Think about figures and amounts.
Define qualitative data.
💡 Hint: Consider characteristics that describe qualities.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What type of data is best for measuring economic growth?
💡 Hint: Think about what numbers can tell you.
Qualitative data can include which of these?
💡 Hint: Is it about numbers or descriptions?
1 more question available
Challenge Problems
Push your limits with advanced challenges
Analyze a scenario where a local business must decide on a new product launch. They have sales data from previous products (quantitative) and customer feedback from surveys (qualitative). Explain how they should use both data types in their decision-making.
💡 Hint: Think about how historical performance and customer preferences inform new decisions.
Discuss the implications for a government policy aimed at reducing unemployment if qualitative data is overlooked in favor of solely quantitative measures.
💡 Hint: Consider what additional insights qualitative data provides.
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