Determine Which of the Following Describes Nominal Data

question 31

Multiple Choice

Determine which of the following describes nominal data.
i. My favorite days of the week are Friday, Saturday, and Tuesday.
ii. My favorite day of the week is Friday, my second-favorite is Saturday, and Third-favorite is Tuesday.

• A) both i and ii
• B) i only
• C) ii only
• D) neither i nor ii

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Definitions:

Probability

A measure of the likelihood that a specified event will occur, expressed as a number between 0 and 1.

Expected Utility Hypothesis

A theory suggesting that individuals choose between risky or uncertain prospects by comparing their expected utility values.

Monotonic Increasing Function

A mathematical function that either never decreases or strictly increases, ensuring that as the input increases, the output does not decrease.

Risk

The potential for losing something of value, which can be physical, emotional, financial, or reputational.