Examlex
One of the variables that are being considered for inclusion in a multiple regression model is marital status of the customer. There are four possible responses listed for this variable. Based on this, three dummy variables will need to be created and incorporated into the regression model.
Working for Wages
The practice of performing labor in exchange for a predetermined payment, typically based on hours worked or tasks completed.
No Wages
A situation where labor is performed without the compensation of money; often associated with slavery, involuntary servitude, or unfair labor practices.
Tax-Free Wages
Refers to income earned that is not subject to income tax by the government.
Western Commercial Economy
The western commercial economy characterizes the economic practices and developments in the western world, focusing on trade, services, and market-driven growth.
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