Distinguish Between Categorical and Quantitative Data

question 51

Essay

Distinguish between categorical and quantitative data. Give an example of each

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Definitions:

National Debt

The cumulative sum of funds borrowed by a nation's government.

MPC

Marginal Propensity to Consume; the proportion of additional income that a consumer spends on goods and services rather than saving it.

Multiplier

In economics, a factor by which an initial change in spending is magnified or multiplied in the overall economy.

Automatic Stabilizer

Economic policies and programs, such as unemployment insurance, that automatically adjust to counteract economic fluctuations without the need for explicit government intervention.