Chapter 1, Problem 1.21ACB

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.