A Dichotomous Variable Is One That Has Only Two Possible

question 7

True/False

A dichotomous variable is one that has only two possible levels or categories.

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Definitions:

Economic Person

A concept in economics and sociology that describes an individual who acts in a rational manner, making decisions based on maximizing personal financial gain.

Rational Decisions

Choices made based on logical reasoning, where alternatives are objectively evaluated based on facts and a clear understanding of goals.

Economic Gain

The benefit or profit derived from engaging in economic activities or investments.

Programmed Solution

Predetermined responses or solutions to routine problems or issues.