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A nominal variable is one where observations are classified to categories eg small, medium and large for t-shirts.
A real variable is one that takes numerical values, such as shirt size 12, 14, 16 etc.
A real value may be a continuous (as opposed to discrete) variable but the very act of recording the observation usually results in the continuous variable being replaced by a discrete one.
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Difference between nominal and real variable?
A nominal variable is a variable measured in current dollars (the value of the dollar for the specific period discussed), and a real variable is a variable measured in constant dollars (the value of the dollar for the base period). That is, a real variable adjusts for the effects of inflation.
Is age a categorical variable?
Age is acontinuousvariable because it can bemeasured with numbers. A categorical variable deals with nominal variables example male or female, political view, etc
Is a nominal variable a discrete variable?
No. A discrete variable is one that takes discrete numerical values. But a discrete variable can be ordered while a nominal one cannot. Age, in years, is a discrete variable, and you can say that a 10-year old is younger than a 20-year old who is younger than a 40-year old. Favourite fruit would generate a nominal variable but you cannot say that a banana is more than an apple which, in turn, is more than an orange, etc. (Remember, you are talking only of the nominal values of the fruit - not their price or size or nutritional value or any such characteristic.)
What does justify your selection mean?
This statement means that you need to justify the choice of your selection. For example, if you choose a specific type of variable i.e., nominal, interval, etc. You need to show proof as to how you can statistically justify why you choose this particular variable. How can you justify the outcome of this type of variable chosen.
What type of graph can be used to display the distribution of a nominal level variable?
It is a bar chart.
Difference between nominal and real variable?
A nominal variable is a variable measured in current dollars (the value of the dollar for the specific period discussed), and a real variable is a variable measured in constant dollars (the value of the dollar for the base period). That is, a real variable adjusts for the effects of inflation.
What Jersey numbers of soccer players is an example of a variable?
nominal
The scale of measurement for the variable eye color is?
Nominal
Is race a nominal variable?
yes
Is age a categorical variable?
Age is acontinuousvariable because it can bemeasured with numbers. A categorical variable deals with nominal variables example male or female, political view, etc
Is the price of an item considered nominal variable?
No. It is a discrete quantitative variable.
What is nominal price and real price?
Real price is in a mud nominal price is in your FACE
Which statistical tool is applicable in describing nominal variable?
Mean
Liabilities is real accounts or nominal accounts?
nominal account.
What is a real life example of independent variable?
A real life example of a variable is If one were to measure the influence of different quantities of fertilizer on plant growth, the independent variable would be the amount of fertilizer used (the changing factor of the experiment).hahahehe Yahoo answeres.com
Is a nominal variable a discrete variable?
No. A discrete variable is one that takes discrete numerical values. But a discrete variable can be ordered while a nominal one cannot. Age, in years, is a discrete variable, and you can say that a 10-year old is younger than a 20-year old who is younger than a 40-year old. Favourite fruit would generate a nominal variable but you cannot say that a banana is more than an apple which, in turn, is more than an orange, etc. (Remember, you are talking only of the nominal values of the fruit - not their price or size or nutritional value or any such characteristic.)
Is depreciation real or nominal account?
It is a real contra account. The nominal account associated with depreciation is depreciation expense.
