Future Business Leaders of America (FBLA) Agribusiness Practice Test

What type of data is used to determine economic forces that influence other variables at a specific time or place?

1. Cross sectional data

2. Time series data

3. Qualitative data

4. Experimental data

The correct answer is: Cross sectional data

The type of data used to determine economic forces that influence other variables at a specific time or place is cross-sectional data. Cross-sectional data collects information from multiple subjects at a single point in time, allowing analysts to assess the economic conditions and relationships among various factors simultaneously. This is particularly useful in understanding how different economic indicators—such as employment rates, consumer spending, and inflation—interact within a specific geographic area or sector during that moment. In contrast, time series data focuses on a single variable measured at multiple points in time, making it more suitable for analyzing trends over time rather than specific conditions at a single instant. Qualitative data encompasses non-numeric information that describes characteristics or qualities, which is not directly applicable to quantitative economic analysis. Lastly, experimental data emerges from controlled experiments designed to determine causality, which differs from the observational nature of cross-sectional data used to capture a snapshot of economic forces.