A Survey Records a Person's Smoking Status as Either "Yes

question 25

Multiple Choice

A survey records a person's smoking status as either "yes" or "no." This survey is recording what kind of data?

• A) Categorical/qualitative
• B) Categorical/quantitative
• C) Numerical/quantitative
• D) Numerical/qualitative

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers at different prices.

Social Costs

The total cost to society, including both private costs incurred by firms and external costs to individuals not involved in a transaction.

Socially Optimal

A state in which resources are allocated in the most efficient way from a societal perspective, maximising collective welfare or benefit.

Pigovian Tax

A tax or charge levied on the production of a product that generates negative externalities. If set correctly, the tax will precisely offset the overallocation (overproduction) generated by the negative externality.