A Dummy Variable Is a Variable That Takes on the Values

question 93

True/False

A dummy variable is a variable that takes on the values of 0 and 1.

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Definitions:

Predicted Values

The outcomes forecasted by a statistical model, which represent the model's estimation of the dependent variable based on independent variable(s).

Standardized Residuals

Residuals normalized to have a mean of zero and a standard deviation of one, used in regression analysis to identify outliers.

Regression Equation

An equation that estimates the relationship between a dependent variable and one or more independent variables.

Predicted Values

These are values estimated based on a model, representing what is likely to happen under certain conditions according to that model.