0
Add your answer:
Earn +20 pts
What are examples of nominal variables?
Your nationality, city that you live in, model of your car(s), colour of your eyes.
How many different levels of measurement for variables exist?
Nominal or category;Ordinal scale;Interval scale; andRatio scale.
What is the definition of chisquare?
Chi-square is a statistic used to assess the degree of the relationship and degree of association between two nominal variables
Why is scientific notation useful in economics?
Scientific notation is useful in economics to compute very large or very small numbers.
What are the types of variables in statistics?
dependent variables, independent variable, nominal, ordinal, interval, ratio variableThere are three main kinds:Nominal: such as colour of eyes, or gender, or species of animal. With nominal variables there is no intrinsic sense in which one category can be said to be "more" than another.Ordinal: Such as Small/Medium/Large, orStrongly Disagree/Disagree/Indifferent/Agree/Srongly Agree. The categories can be ordered but the differences between pairs is not comparable. For example, it is not really possible to say that the difference betwen Strongly disagree and disagree is the same as (or double or half or whatever) the difference between indifferent and agree.Interval: These are variables where the distance between one pair of values (their interval) can be related to the distance between another pair. Such variables can be subdivided into discrete and continuous.Another way of classifying variables is independent and dependent.The dependent variable is a random variable but the independent variable can be random or non-random.
What does the classical dichotomy in economics state?
In macroeconomics, the classical dichotomy refers to an idea attributed to classical and pre-Keynesian economics that real and nominal variables can be analyzed separately. To be precise, an economy exhibits the classical dichotomy if real variables such as output and real interest rates can be completely analyzed without considering what is happening to their nominal counterparts, the money value of output and the interest rate.
What is nominal and ordinal in qualitative variables?
In qualitative variables, nominal data involves categories with no inherent order, such as colors or types of fruit. Ordinal data, on the other hand, includes categories that have a meaningful order or ranking, such as education levels or customer satisfaction ratings.
Economic variables whose values are measured in monetary units are called?
Nominal Variables
What are the examples of flow variables in economics?
Labour is a variable,Population,Stock etc are variables
How does the nominal and real values of things affect the aggregate behavior of a society?
In economics, the nominal values of something are its money values in different years
What are 3 types of variables?
There are many ways of categorising variables. One classification, used in statistics, is Nominal, Ordinal and Interval.
Quantitative variables can be separated into what two types?
nominal and ordinal is wrong; those are the two types of qualitative variables. Ratio and interval are the two types of quantitative variables.
What are examples of nominal variables?
Your nationality, city that you live in, model of your car(s), colour of your eyes.
National cultural variables?
The series of cultural standards or norms that an entire country has are national cultural variables. Social norms, politics, language, education, economics, and regulation are national cultural variables
How many types of variables are there'?
Three, they are: Constant,dependant, & controlled. Alternatively, you can say there are 4: nominal, ordinal, interval, and ratio.
How many different levels of measurement for variables exist?
Nominal or category;Ordinal scale;Interval scale; andRatio scale.
Why is economics not a pure science?
Due to all of the factors of supply, demand, and price associated with economics, it is hard to apply the scientific method to economics.
