Income is an example of ___.Group of answer choicesquantitative datacategorical datacurrency dataeither categorical or quantitative data
Question
Income is an example of ___.
Group of answer choices
- quantitative data
- categorical data
- currency data
- either categorical or quantitative data
Solution
Break Down the Problem
- Identify the nature of "income" in data classification.
- Understand the definitions of quantitative data and categorical data.
- Determine which category "income" fits into.
Relevant Concepts
- Quantitative Data: This type of data represents measurable quantities and is expressed numerically. Examples include height, weight, and income.
- Categorical Data: This data type represents characteristics or qualities that can be divided into different categories but not numerically measured. Examples include gender, colors, or yes/no answers.
Analysis and Detail
- "Income" is a numeric expression reflecting the amount of money earned.
- Since it can be measured, calculated, and subjected to arithmetic operations, it is not categorical but rather quantitative.
Verify and Summarize
- The definition of income as a numeric value confirms that it's categorized as quantitative data. Therefore, the option that best describes income is "quantitative data."
Final Answer
Income is an example of quantitative data.
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