Which of the Following Correctly Identifies a Difference Between Cross-Sectional

question 5

Multiple Choice

Which of the following correctly identifies a difference between cross-sectional data and time series data?

• A)Cross-sectional data is based on temporal ordering, whereas time series data is not.
• B)Time series data is based on temporal ordering, whereas cross-sectional data is not.
• C)Cross-sectional data consists of only qualitative variables, whereas time series data consists of only quantitative variables.
• D)Time series data consists of only qualitative variables, whereas cross-sectional data does not include qualitative variables.

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Definitions:

Process Costs

Costs that are incurred in the production process, often relating to the manufacturing of goods, which typically include labor, materials, and overhead expenses.

Productive Process

The procedures involved in creating a product or service, encompassing everything from the acquisition of raw materials to the manufacture, labor, and overhead costs.

Materials Markup

The sum included in the goods' cost price to cover both overhead expenses and profit.

Time and Materials Pricing

A pricing method where customers are charged based on the actual time spent and materials used on their project.