(I There Are Two Types of Variables-Quantitative and Qualitative

question 70

Multiple Choice

(i. There are two types of variables-quantitative and qualitative.
(ii. A Qualitative variable is nonnumeric and we are usually interested in the number or percent of
The observations from each category.
(iii) Qualitative variables can be further divided into discrete and continuous variables.

• A) (i), (ii) and (iii) are all correct statements.
• B) (i) and, (ii) are correct statements but not (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and, (iii) are correct statements but not (i).

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Definitions:

Inferior Good

A type of good whose demand decreases when consumer income rises, inverse to a normal good.

Indifference Curve

A graphical representation that shows different combinations of two goods among which a consumer is indifferent.

Total Utility

The total satisfaction or benefit a consumer receives from consuming a particular quantity of goods or services.

Indifference Curves

Graphical representations in microeconomics to illustrate a consumer's preference among different bundles of goods, where each point on the curve represents a combination of goods that provides the same level of utility to the consumer.