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1. The Consumer Expenditure Study surveys people about their finances and spending. They ask the following...

1. The Consumer Expenditure Study surveys people about their finances and spending. They ask the following questions:

a. What is your occupation?

b. What is your monthly income?

c. What is the amount of your student loan, if any?

d. How would you rate your credit using these categories: excellent, good, fair, poor?

For each of these questions, determine the type of each variable collected. Is it categorical or numerical? If it is a numerical variable, is it continuous or discrete?

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Answer #1

Data which categorizes the answer is categorical and which asks for a specific number is numerical. Continuous data is any value over a continuous range like height, weight, time etc. discrete data is confined to particular values.

Ans a - Categorical. Occupation can be answered from categories of work or profession with a wide range.

Ans b - Numerical and continuous. Income can be any value and not restrained to a specific number.

Ans c - Numerical and discrete. Loan if any will have a specific outstanding value.

Ans d - Categorical. Categories are given to choose from.

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