Quantitative skills - more detail Flashcards
1
Q
A
2
Q
To notw when interpreting data from a graph
A
- look at axes : so you don’t get misled
3
Q
When using fractions/percentages in answers :
A
- have to be exact if specifically mentioned in question
- but if you are including them as part of along answer - valid to approximate
4
Q
What are the key messages to look for when you are interpreting a graph
A
- a reputable source or not?
- are the values in the past or forecasted?
- forecasted values : by nature don’t know whether accurate or not
- axes : when describing a change in percenatge , do you say “fell by x percent” or “fell by x percent points”?
- Percentage points means : A percentage point is the difference between percentages. A value of 10% falling by 1 percentage point becomes 9% (10% has 10 percentage points). A fall of 1% would result in a value of 9.9%.
5
Q
NOTE : generally medians are used in the case of incomes instead of means
A
- eg if elon musk’s income was also in the data , then everyone in the list would be on avergage a millionaire
6
Q
A
7
Q
wha are the diff types of taxes and benefits
A
8
Q
A
9
Q
what is profit to an economist
A
10
Q
A
