Which of the Following Statements About Dummy Variablesis False

question 14

Multiple Choice

Which of the following statements about dummy variablesis false?

• A)We can incorporate any nominal variable into regression analysis by creating one or more dummy variables.
• B)Dummy variables are also known as binary variables,nominal variables,or indicator variables.
• C)These variables take on only two values,namely 0 or 1,and those values then indicate the absence or presence of a particular nominal characteristic.
• D)All of these choices are true.

Comprehend and apply the concept of the Lagrange multiplier in the context of constrained optimization problems.

Understand the Hicksian substitution effect and its implications on consumer choice.

Identify the mathematical techniques used in solving constrained optimization problems.

Explain the conditions under which a consumer is maximizing utility.

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