If We Collect Data on the Number of Wins Each

question 7

Multiple Choice

If we collect data on the number of wins each team in the NFL had during the 2011-12 season,we have _____________ data.

• A)Cross-sectional
• B)Time series

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Definitions:

Substantial Expense

A significant outlay of money, often categorized as higher than usual costs, that can impact financial positions or budgets.

Consideration

A value promised in exchange for a certain act in a contractual agreement.

Quantum Meruit

A legal principle where a party is compensated with a reasonable sum for goods or services provided, even if no contract exists.

Quantum Valebant

A principle in contract law that allows for the recovery of as much as deserved, or the reasonable value of goods or services rendered when no contract price was established.