If a Qualitative Variable Has C Categories, Then C Dummy

question 83

True/False

If a qualitative variable has c categories, then c dummy variables must be included in the regression model, one for each category.

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Definitions:

Budgeted Cost

An estimate of expenses or costs that are planned for a specific period in the future.

Production Estimates

These are predictions or forecasts about the volume of production expected to be achieved in a specified future period.

Ideal Standards

Standards set under perfect or ideal conditions, used for comparison with actual performance to gauge efficiency and productivity, though often unattainable in practice.

Optimum Performance

The highest level of efficiency, productivity, or effectiveness that can be achieved in a specific context.