An economist is studying credit markets using survey data. Match each type of survey question with the primary limitation it introduces when trying to accurately identify individuals who cannot get credit.
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A researcher is studying access to credit and includes the following two questions in a survey for individuals:
- 'If you were to apply for a personal loan of $5,000 today, do you think you would be approved?'
- 'Thinking back over the last three years, were you ever turned down for a loan that you applied for?'
Which statement best analyzes the primary limitation associated with each of these questions for accurately measuring who is unable to get credit?
Evaluating a Research Design for Credit Constraints
Critique of a Survey-Based Policy Initiative
Evaluating a Survey Question's Reliability
A survey question asking individuals, 'Were you denied a loan in the past year?' is a more reliable measure of credit constraints than a question asking, 'If you applied for a loan today, do you believe you would be approved?'
Improving Survey Questions on Credit Access
Critiquing an Economic Report on Credit Access
Analyzing Conflicting Survey Results on Credit Access
A national survey finds that only 5% of respondents report being denied a loan in the past three years. Based on this finding alone, it is safe to conclude that credit constraints are not a significant issue for the vast majority of the population.