Statıstıcs I Deneme Sınavı Sorusu #832188
"Comparing the prices of a basket of products over time" is an example of .....?
interval-scale variable |
ratio-scale variable |
nominal categorical variable |
ordinal categorical variable |
qualitative variable |
There is a subtle difference between interval-scale and ratio-scale continuous
data, which is worth mentioning here. Age is an interval-scale variable: to compare two children of ages 10 and 12, we would compute the interval difference, i.e. 2 years. We would not say the 12-year old is 20% older than the 10-year old. But comparing prices or incomes, for example, we would tend to compute percentage differences, making them ratio-scale variables. A good example is the inflation rate, comparing the prices of a basket of products over time, not as a difference but as a percentage. As a general rule, most data on monetary values and those coming from physical measurements (e.g., lira, gold price, centimeters, kilograms) are ratio-scale variables.
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