Question

For each of the following, state whether it is i) time-series, cross-sectional, or panel data and ii) quantitative or qualitative data.

a. Daily gold prices at the end of the day.

b. Marital status of individuals living in Abu Dhabi 2017.

c. Survey of Professional Forecasters which collects forecasts made by several forecasters of GDP, inflation rate, and other variables every quarter. me SarieS

Answer 1

A. Daily gold prices at the end of the day is the example of time series data. As time-series data involves the value of a single variable being recorded at a fixed interval of time such as end of the day, end of the year.

B. This is the example of qualitative data as there is no numerical value attached with these type of data. We can only get to know whether the person is married or not.

C. This is the example of a panel or cross-sectional data because panel data involves many observations being recorded after the fixed interval of time.