What Is the Best Description of Binary Variable

question 4

Multiple Choice

What is the best description of binary variable?

• A) A measurement in which observations are placed into discrete categories
• B) A type of variable with nominal measurement that contains only two categories
• C) A nominal variable
• D) A type of measurement whose ordering of values has meaning for understanding variation in a variable

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Definitions:

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time, typically seen as an indicator of the economic health of a country.

Japanese Yen

The official currency of Japan, represented symbolically as ¥ and known as one of the major currencies traded in the world.

South Korean Won

The official currency of South Korea, symbolized as KRW.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible, typically characterized by very low unemployment.