Number of Years
Data Was Collected to Describe the Relationship

question 118

Essay

Number of years
Data was collected to describe the relationship between salary and number of years of working experience at a particular organization and is shown below in the following table.
$$\begin{array} { | c | c | c | } \hline \text { Employee } & \text { Salary } & \text { Years af Experience } \\\hline 1 & \$ 35,000 & 4 \\\hline 2 & \$ 7,200 & 13 \\\hline 3 & \$ 45,900 & 6 \\\hline 4 & \$ 42,200 & 7 \\\hline 5 & \$ 65,600 & 10 \\\hline 6 & \$ 51,500 & 9 \\\hline 7 & \$ 57,200 & 5 \\\hline 8 & \$ 71,400 & 7 \\\hline\end{array}$$
-Identify the dependent and independent variables.

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Definitions:

Balance of Payments

This is a record of all financial transactions made between consumers, businesses, and the government in one country with others.

Managed Floating Exchange Rate

A currency value system that allows its exchange rate to fluctuate in response to the foreign-exchange market but with central bank interventions to stabilize it when deemed necessary.

Flexible Exchange Rates

A foreign exchange system where exchange rates are determined by the supply and demand for currencies and can fluctuate freely.

Nation's Currency

The legal tender or monetary system that a country uses for its economic transactions.