Question

Validity and Reliability in the economic field

Answer 1

Reliability

Reliability is a measure of the stability or consistency of test scores. You can also think of it as the ability for a test or research findings to be repeatable. For example, a medical thermometer is a reliable tool that would measure the correct temperature each time it is used. In the same way, a reliable math test will accurately measure mathematical knowledge for every student who takes it and reliable research findings can be replicated over and over.

Validity

Validity simply means that a test or instrument is accurately measuring what it’s supposed to.