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What does an economist's work demand?
It depends on where the economist works. In the financial industry and in large corporations, economists are hired to help other employees understand changes in the economy, especially monetary policy changes at the US Federal Reserve. At small colleges, economists are hired to teach economics. At large universities, economists will have research responsibilities in addition to their teaching responsibilities if they want to become full professors.
Why do hypothesis need to be tested?
It is a simple question, but sometimes simple questions do not have simple answers. I have included two related links which I feel are very helpful. Don't be worried if you don't understand much of the math in the second link. You may find less mathematical explanations by searching the internet for "hypothesis testing" You asked this both in science and statistics. You know sometimes the same word can have two meanings. Hypothesis testing is one of them. I will explain why we must test hypotheses in science, and what it means to test them in statistics. In science, a hypothesis is a speculative idea or explanation of a phenomena. Evidence or data is collected in an unbiased manner as possible to either prove it or disprove it. But how much data or evidence do we need? Sometimes, our hypothesis becomes a theory, a reasonable explanation that seems to fit circumstances or events, that will help us make decisions. As more observations seem to support the theory, we consider it to be valid or truthful theory. Many, for example, consider global warming to be a valid theory. Now, for the usage in statistics. Hypothesis testing is a statistical method. Hypothesis testing tells me if I have sufficient data to draw a conclusion, given a certain level of significance. I will give you an example: I have gathered some data and calculated a statistics on smoking. I found in my sample more women smoked than men. But, of course I didn't survey everyone, so there is a chance that my data has error in it, and perhaps I really don't have the necessary support to make this statement about everyone (the general population). So, I use a statistical test, with one hypothesis contrary to what my data suggests, that women and men smoke equally, which we call the null hypothesis. Now, I have a second hypotheis which we call the alternative hypothesis, which is that women smoke more than men. To complete the test, I need to include an "alpha factor" or the level of significance. I can with this factor, make it very easy to disprove the null hypothesis or very difficult. I generally use this factor to make the criteria for choosing between two hypothesis consistent.
True or false Models help people study things that cannot be observed directly?
True
What are the importance of statistics in economics?
Statistics play a crucial role in economics by providing tools for collecting, analyzing, and interpreting data to make informed decisions. Economic data, such as GDP, inflation rates, and unemployment figures, are essential for policymakers, businesses, and individuals to understand the state of the economy and formulate strategies. Statistical methods like regression analysis help economists identify relationships between variables and make predictions about future trends, enabling better economic planning and policy-making. In essence, statistics in economics serve as the foundation for evidence-based decision-making and understanding the complex dynamics of markets and economies.
How do models help you to multiply by one-digit numbers?
You don't need a "model" for that; you just need to know the multiplication method taught in elementary school.
