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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
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Solution

Break Down the Problem

  1. Identify the nature of "income" in data classification.
  2. Understand the definitions of quantitative data and categorical data.
  3. Determine which category "income" fits into.

Relevant Concepts

  1. Quantitative Data: This type of data represents measurable quantities and is expressed numerically. Examples include height, weight, and income.
  2. 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

  1. "Income" is a numeric expression reflecting the amount of money earned.
  2. 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.

This problem has been solved

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