Economics and the legal environment Essay Example

is classified as a sample statistic.

The aim of the study is to determine if it is experimental or observational. A political pollster reports that his candidate has a 10% lead in the polls with 10% undecided. This study falls under the category of observational as it measures a specific characteristic without influencing the outcome.

5) Choose the most suitable study and provide reasoning behind its appropriateness. a) Is the headache relief provided by a specific pharmaceutical company's aspirin superior to that of a competitor?

To decide on the best approach for studying this, several options can be considered. These include a case-controlled observation, an observation, a double-blind experimental procedure, or an experimental procedure. The situation at hand involves conducting an observational study to compare two pharmaceutical companies and determine which one produces the most effective headache reliever.

Chapter Two

1) The quantity of individuals on a jury is a quantitative variable, involving numerical values. Conversely, the categorization of your house's color is a qualitative variable, pertaining to categories instead of numbers.

2) Determine whether the number is continuous or discrete and provide explanations for your choices.

a. The average height of all freshmen entering college in a certain year is 68.4 inches. This is considered discrete because the height of all freshmen can be a whole number, an integer, or a half-integer value.

b. The number of limbs on a 2-year-old oak tree is 21. This is considered continuous as the number of limbs can take on any value within a given interval.

The most suitable measurement level for the given data is as follows:
a. The temperatures in

degrees Fahrenheit of the ocean at different depths are interval, since the temperatures can vary at various depths.
b. The ranking of individuals in the military is ordinal, as they can be arranged in a specific order based on rank.
c. The number of people with blue, brown, and red hair in a classroom is nominal, as hair color cannot be ranked but can be categorized by color.

4) Determine the following (show your work): a. The speed of a new microprocessor is 800MHZ, but it is measured at 820MHZ. The absolute error is -20MHZ (800-820= -20), and the relative error is 2.44MHZ (-20/820 * 100% = 2.44). b. Convert 1/16 to a percent: 0.063 (1/16=0.063).

c. Convert 0.45 to a percent: 45%

d. Humanities majors spend an average of $115 per course on books. Mathematics majors spend an average of $70 per course on books. What is the percent difference between the two amounts relative to the amount for mathematics majors (round to the nearest percent)? 127.87 (1.56/1.22*100=127.87)
e. Suppose that the cost of a statistics text was $50 in 1985 and is $100 in 2000. What is the "Statistics Text Index" number, rounded to the nearest tenth, for the 2000 edition with the 1985 price as the reference value? 200 (100/50*100=200) From Chapter One

On pages 51 and 52 of the text, the Harvard Nurses' Health Study is highlighted as an important and long-standing study in the field of public health. Please answer discussion question two located at the back of the article.

The Harvard Nurses’ Health Study collects data from surveys to provide practical information. Instead of performing tests,

the study gathers data from female participants, particularly nurses chosen by Dr. Frank E. Speizer for their medical training and presumed accuracy compared to the general public. Its goal is to investigate the long-term effects of oral contraceptives.

Dr. Speizer conducted a study by sending questionnaires to approximately 370,000 nurses. Out of these, over 120,000 nurses responded and filled out the questionnaires. Originally, the study aimed to explore the impact of oral contraceptives and smoking on major illnesses in women. However, it later broadened its focus to investigate how various dietary and lifestyle factors influenced women's health. The participating nurses completed thorough questionnaires every other year, providing information about their illnesses, vitamin intake, well-being, physical exercise, as well as their consumption of meat, fruits, and vegetables (JNCIJ National Cancer Institute, 2000).

A study suggests that women can decrease their chances of experiencing heart attacks by making specific lifestyle changes. These changes include exercising regularly, maintaining a healthy weight, adjusting their diet to reduce saturated fats and trans fatty acids while increasing fiber, fruit and vegetable intake, and refraining from smoking.

Since 1976, researchers have observed notable changes among nurses in terms of hormone use, diet, and weight gain. The prevalence of using combined hormones (estrogen plus progesterone) has increased compared to using estrogen alone, while the consumption of red meat has decreased. Additionally, the nurses have experienced weight gain.
These changes can significantly impact women's health. The use of combined hormones is associated with an increased risk of breast cancer, whereas consuming less red meat is linked to a lower risk of colon cancer. Furthermore, weight gain is connected to higher risks of

heart disease, stroke, adult-onset diabetes, postmenopausal breast cancer, and colorectal cancer according to the JNCIJ National Cancer Institute (2000).

Some critics suggest that experimental research could provide similar information if conducted ethically by informing and obtaining consent from willing nurses participating in the testing.

The Nurses' Health Study has distinguished itself with its extensive duration and the forward thinking of its researchers, enabling the assessment of multiple risk factors. Over time, the study has integrated different components and revised the questionnaire to address emerging subjects (JNCIJ National Cancer Institute, 2000).

This passage is taken from Chapter Two.

2) The article on pages 86 and 87 explores the importance of the economy, a crucial matter with an impact on everyone. It specifically analyzes whether there is growth in our standard of living. Kindly address the initial discussion question found at the end of the article.

Inflation is the rise in prices for goods and services, measured by the inflation rate. The inflation rate tracks the overall price level of commonly used items, providing a comprehensive measure of price fluctuations across various products. While certain goods may see significant price changes, there has been a significant increase in prices for automobiles, gasoline, movies, health care, and housing in recent decades. However, calculators and computing power have experienced a notable decrease in their prices.

The price of a Chrysler LeBaron convertible has gone up from 1985 to 1995, indicating improvements in its quality. In the past, Chrysler made unsatisfactory vehicles but made significant progress during the 1990s. Presently, buyers of the LeBaron can benefit from additional features such as CD stereo players,

safety air bags, and other enhancements that increase the car's value. According to the Consumer Price Index (CPI), the increased price paid for the LeBaron contributes to inflation.

According to Sachs & Warner (1995), the price of goods has not increased significantly when taking into account quality improvements. While certain items have become more expensive, others have consistently decreased in price, especially considering the amount of labor required to purchase them. In 1908, it took 4,696 hours of factory wages to buy a car. However, by 1970, the average factory worker only needed 1,397 hours to purchase a new car. This number further declined to 1,365 hours by 1997. Although the absolute price of a new car has gone up over time, prices have actually fallen in terms of labor effort. Additionally, the 1997 model had significant quality enhancements compared to its 1970 counterpart (Sachs & Warner, 1995).

Based on the examples given, my belief is that the CPI overestimates the true impact of inflation. This is because the cost of living is not constant and the CPI varies depending on price changes for specific items at particular stores. The CPI tracks consumer purchases of these specific items at a specific moment (Bennett, Jeffrey, 2009. p 76).