Treasury deficit prior to the Civil War. In Civil War History (June 2009), historian Jane Flaherty researched the condition of the U.S. Treasury on the eve of the Civil War in 1861. Between 1854 and 1857 (under President Franklin Pierce), the annual surplus/deficit was +18.8, +6.7, +5.3, and +1.3 million dollars, respectively. In contrast, between 1858 and 1861 (under President James Buchanan), the annual surplus/deficit was -27.3, -16.2, -7.2, and -25.2 million dollars, respectively. Flaherty used these data to aid in portraying the exhausted condition of the U.S. Treasury when Abraham Lincoln took office in 1861. Does this study represent a descriptive or inferential statistical study? Explain.

Step by step solution

01

Specifying the statistical study

The problem statement revolves around the condition of the United States Treasury during the civil war in 1861. The data is about the annual surplus or deficit between 1854 and 1857 and compares it with the data from 1858–1861. The annual surplus or deficit are numerical values used in recapitulating the information to utilize further. Therefore, it is adescriptive statistical study.

02

Explaining the descriptive statistical study

The descriptive statistical studies encompass the description of essential components of the data that are a part of the research study. It provides this quantitatively in the form of a short conclusion about the sample by means of data analysis. Here, the given study is descriptive in nature since it effectively uses quantitative data.

Unlock Step-by-Step Solutions & Ace Your Exams!

• Full Textbook Solutions

  Get detailed explanations and key concepts

• Unlimited Al creation

  Al flashcards, explanations, exams and more...

• Ads-free access

  To over 500 millions flashcards

• Money-back guarantee

  We refund you if you fail your exam.

Start your free trial

Over 30 million students worldwide already upgrade their learning with Vaia!