A Variable That Can Take on a Range of Values

question 18

Multiple Choice

A variable that can take on a range of values that correspond to some quantitative amount is called a:

• A)categorical variable
• B)continuous variable
• C)classificatory variable
• D)independent variable

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Definitions:

Aggregate Income

The total income earned by all individuals or entities in an economy, including wages, profits, rents, and investment income, before taxes.

Aggregate Income

The total amount of income generated by all individuals and entities within an economy over a specific time period.

Consumption Function

An economic formula that expresses the relationship between total consumption and gross national income, positing that people increase their consumption as income rises, but not necessarily by the same amount.

Aggregate Income

The total income earned by all individuals in an economy from all sources, including wages, rental income, and investment income, during a given time period.