Of the following explanations, which is least likely to be a valid explanation for divergence between statistical significance and economic significance?
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While data errors would certainly come to bear on the analysis, in their presence we would not be able to assert either statistical or economic significance. In other words, data errors are not a valid explanation. The others are all mitigating factors that can cause statistically significant results to be less than economically significant.
Which of the following statements about statistical results is most accurate?
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It is possible for an investigation to determine that something is both statistically and economically significant. However, statistical significance does not ensure economic significance. Even if a result is both statistically significant and economically meaningful, the analyst needs to examine the reasons why the economic relationship exists to discern whether it is likely to be sustained in the future.
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