Which Is Not a Name Often Given to an Independent

question 48

Multiple Choice

Which is not a name often given to an independent variable that takes on just two values (0 or 1) according to whether or not a given characteristic is absent or present?

• A)Absent variable
• B)Binary variable
• C)Dummy variable

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Definitions:

Consumption

The process by which individuals or households use goods and services to fulfill their needs and wants.

Income

Money that an individual or business receives, typically as a return on investment, labor, or sale of goods and services.

Interest Rate

The fraction of a loan incurred as interest by the borrower, often represented as an annual percentage of the remaining loan balance.

Savings

The portion of income not spent on current consumption, typically set aside for future use or investment.