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A financial advisor is putting together a report on different Exchanges on which stock is traded (NYSE, AMEX, or other). Wha variable and level of measurement is the advisor using in his report? Quantitative variable, ordinal variable O Quantitative variable, nominal variable Categorical variable (qualitative), ordinal level of measurement O Categorical variable (qualitative), nominal level of measurement

A financial advisor is putting together a report on different Exchanges on which stock is traded (NYSE, AMEX, or other). Wha variable and level of measurement is the advisor using in his report? Quantitative variable, ordinal variable O Quantitative variable, nominal variable Categorical variable (qualitative), ordinal level of measurement O Categorical variable (qualitative), nominal level of measurement

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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**Question:** A financial advisor is putting together a report on different Exchanges on which stock is traded (NYSE, AMEX, or other). What type of variable and level of measurement is the advisor using in his report? - ○ Categorical variable (qualitative), nominal level of measurement - ○ Categorical variable (qualitative), ordinal level of measurement - ○ Quantitative variable, ordinal level of measurement - ○ Quantitative variable, nominal level of measurement **Explanation:** In this context, the variable type and level of measurement involve understanding stock exchanges as categories (e.g., NYSE, AMEX). Each exchange represents a distinct category with no inherent ranking or order, which aligns with the nominal level of measurement. This means the correct choice is the first option: "Categorical variable (qualitative), nominal level of measurement." **Additional Notes:** - **Categorical Variables:** These are variables that represent categories or groups. They can be either nominal or ordinal. - **Nominal Level of Measurement:** This level involves categorization based on names or labels without any specific order or ranking (e.g., types of stock exchanges). - **Ordinal Level of Measurement:** This level includes categorization where the order matters, but the intervals between values are not uniform or meaningful (e.g., a ranking of satisfaction levels from "very unsatisfied" to "very satisfied"). - **Quantitative Variables:** These are measured with numerical values and can be either interval or ratio level of measurement, usually not applicable for categorizing stock exchanges.
Transcribed Image Text:**Question:** A financial advisor is putting together a report on different Exchanges on which stock is traded (NYSE, AMEX, or other). What type of variable and level of measurement is the advisor using in his report? - ○ Categorical variable (qualitative), nominal level of measurement - ○ Categorical variable (qualitative), ordinal level of measurement - ○ Quantitative variable, ordinal level of measurement - ○ Quantitative variable, nominal level of measurement **Explanation:** In this context, the variable type and level of measurement involve understanding stock exchanges as categories (e.g., NYSE, AMEX). Each exchange represents a distinct category with no inherent ranking or order, which aligns with the nominal level of measurement. This means the correct choice is the first option: "Categorical variable (qualitative), nominal level of measurement." **Additional Notes:** - **Categorical Variables:** These are variables that represent categories or groups. They can be either nominal or ordinal. - **Nominal Level of Measurement:** This level involves categorization based on names or labels without any specific order or ranking (e.g., types of stock exchanges). - **Ordinal Level of Measurement:** This level includes categorization where the order matters, but the intervals between values are not uniform or meaningful (e.g., a ranking of satisfaction levels from "very unsatisfied" to "very satisfied"). - **Quantitative Variables:** These are measured with numerical values and can be either interval or ratio level of measurement, usually not applicable for categorizing stock exchanges.
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