If Two Categorical Observations Are Made on the Same Individual

question 20

Multiple Choice

If two categorical observations are made on the same individual or object, the data set is said to be:

• A) binumeral.
• B) bivariate.
• C) bifurcated.
• D) bicategorical.

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Definitions:

Market Price

The existing rate at which an asset or service may be acquired or disposed of on the market.

Utility Consumption

The enjoyment or satisfaction gained by using a good or service.

Factor Markets

Markets where resources, such as labor, capital, and land, are bought and sold.

Resource Allocation

The process of distributing available resources among various projects or business units to maximize the effectiveness and efficiency of utilization.