Categorical Data

question 5

Multiple Choice

Categorical data

• A) must be numeric.
• B) must be nonnumeric.
• C) cannot be numeric.
• D) may be either numeric or nonnumeric.

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Definitions:

Economic Analysis

The systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving specific objectives.

Workers Pay

The compensation, including wages, salaries, and benefits, that an employee receives from an employer in exchange for their labor.

Excise Tax

A specific tax levied on certain goods, such as cigarettes or alcohol, usually to discourage their use or generate revenue.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount they actually pay.