What Is a Good Question to Ask If You Are

question 1

Multiple Choice

What is a good question to ask if you are getting error messages or strange results when trying to create a graphical display?

• A)Did you calculate the mean?
• B)Did you calculate the median?
• C)Did you check the normality of the data?
• D)Did you label your variables with the correct data level (nominal, ordinal, etc.)?
• E)Did you identify your variables with correctly formatted variable names?

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Definitions:

Money Income

The total cash earnings received by an individual or household, including wages, salaries, benefits, and income from investments.

Real Income

The income of an individual or group after adjusting for inflation, reflecting the actual purchasing power of the income.

Total Utility

The total satisfaction a consumer receives from consuming a particular quantity of a good or service.

Budget Line

A graphical representation of all possible combinations of two goods that a consumer can purchase with a given budget at specific prices.