Variables Measured on a Nominal Level Are Called Qualitative Variables

question 1

True/False

Variables measured on a nominal level are called qualitative variables.

Apply knowledge of consumer price index (CPI) to analyze real income changes.

Understand the concept of monopsony power and its impacts on wages and employment.

Recognize the historical and current statistics regarding labor union membership in the workforce.

Identify the methods and effects of labor unions' exertion of power through collective bargaining.

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Definitions:

Observation

The act of closely monitoring or noting phenomena or behaviours through systematic scrutiny.

Collection

The act of gathering items or data together from various sources, often for a specific purpose or analysis.

Information

Data or knowledge communicated or received concerning a particular fact or circumstance.

Digitally

Pertaining to operations or activities that are conducted using digital technologies or devices.