ECOS 3997 Interdisciplinary Impact in Economics (Data Literacy) Prompt 1 / Week 3 Tutorial Two common sources of information on income are administrative

ECOS 3997 Interdisciplinary Impact in Economics (Data Literacy) Prompt 1 / Week 3 Tutorial Two common sources of information on income are administrative data (eg, tax returns) and survey data. What are some of the trade-offs between these two data sources? Why might the tax return data be more credible than the survey data? Why might the survey data be more reliable? Would you prefer to work with one or the other? Why? Note: to receive full marks, you must compare the two types of data in addition to sepa- rately describing them