Statistics Can Generally Be Divided into the Two Branches of _______

question 68

Multiple Choice

Statistics can generally be divided into the two branches of _______ and _________.

• A)variety, velocity
• B)nominal, ordinal
• C)SAS, SPSS
• D)descriptive, inferential
• E)volume, veracity

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Definitions:

Expected Utility Maximizer

An economic theory that assumes individuals choose among risky alternatives in such a way as to maximize their expected utility.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Contingent Commodity Bundles

A theoretical concept in economics, referring to a collection of goods or services whose provision is dependent on specific conditions or states of the world.

Probability

The measure of the likelihood that an event will occur, expressed between 0 and 1.