A 0-1 Variable,also Called a Binary Variable,is a Variable That

question 10

True/False

A 0-1 variable,also called a binary variable,is a variable that must equal 0 or 1.

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Definitions:

Parameter λ

Often used to denote a rate parameter in exponential distributions which quantifies the frequency of occurrence for a given event.

Normally Distributed

A type of distribution for a variable where data are symmetrically distributed around the mean, showing a bell-shaped curve.

Average Balance

The mean amount of money held in an account over a certain period.

Standard Deviation

An index of variability that quantifies the spread of a set of numbers or the dispersion from the average.