The Classification of Student Major (Accounting, Economics, Management, Marketing, Other)

question 111

Multiple Choice

The classification of student major (accounting, economics, management, marketing, other) is an example of

• A) a parameter.
• B) a continuous random variable.
• C) a categorical random variable.
• D) a discrete random variable.

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Definitions:

Tax Revenue

Consists of the income that a government gains from taxation, which is used to fund public services and obligations.

Welfare

Government programs that supplement the incomes of the needy.

Price Buyers Pay

The amount of money that consumers are required to pay to acquire a good or service.

Price Sellers Receive

The amount of money that producers get from selling one unit of a good or service, after considering all costs and expenses.