What is the distinction between cross-sectional data and time-series data?

A. Cross-sectional data is only used in microeconomics while time-series data is only used in macroeconomics.
B. Cross-sectional data provides information about economic behavior at an instant in time, while time-series data provides information about how an economic variable behaves over time.
C. Cross-sectional data provides information about one section of the economy, while time-series data provides information about the entire economy.
D. Cross-sectional data can be presented in tables, while time-series data requires the use of graphs.

Question

09-09-2019
Business

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What is the distinction between cross-sectional data and time-series data?

A. Cross-sectional data is only used in microeconomics while time-series data is only used in macroeconomics.
B. Cross-sectional data provides information about economic behavior at an instant in time, while time-series data provides information about how an economic variable behaves over time.
C. Cross-sectional data provides information about one section of the economy, while time-series data provides information about the entire economy.
D. Cross-sectional data can be presented in tables, while time-series data requires the use of graphs.

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amniotecardamom amniotecardamom · Answer 1 · 2019-09-12T17:26:25+02:00

Answer:

B. Cross-sectional data provides information about economic behavior at an instant in time, while time-series data provides information about how an economic variable behaves over time.

Explanation:

There are two types of data, transverse data and time series data. Cross-sectional data is data that exists at a single point in time. For example, data from an observational survey or sales from a firm. Time series data are data that require intertemporal analysis, such as a country's inflation and GDP data, which should be analyzed for evolution. In other words, time series data are analyzed in a manner dependent on the previous period. Current month's inflation depends on the previous month's inflation analysis.