Accuracy and Precision
At a particular moment, the U.S. National Debt Clock says that the federal debt was $11,942,497,366.50. What is a good description of this reading?
A) Very precise, but not necessarily accurate. It is quite precise because it seems to show the exact amount, but is not necessarily accurate because of a large relative error.
B) Both very precise and very accurate. This projection was calculated by qualified and experienced economists.
C) Both very precise and very accurate. This projection is calculated by a computer, so it is very precise and accurate.
D) Very precise, but not necessarily accurate. This projection was made by the same economists who predicted the 2001 surplus, so it is not accurate.
E) Very accurate, but not necessarily precise. This projection was made by the same economists who predicted the 2001 surplus, so it is not very precise.