Question

For each of the variables described below, indicate whether it is a quantitative or a categorical (qualitative) variable. Also, indicate the level of measurement for the variable: nominal, ordinal, interval, or ratio. Make sure your responses are the most specific possible. Variable Type of variable O Quantitative (a) Medal won in a recent race (gold, silver, bronze, or none) O Categorical O Quantitative Level of measurement O Nominal Ordinal Interval O Ratio O Nominal Ordinal Interval Ratio Nominal O Ordinal Interval O Ratio (b) Amount (in pounds) of weight needed to break a bridge cable O Categorical OOOO O Quantitative (c) Temperature (in degrees Fahrenheit) Categorical

Answer 1

• Medal won in a recent race:
  Here, the Medal won refers to the type of Medal won - Gold, Silver, Bronze etc. It describes the quality or characteristics of the Medal. Hence the medals are categorical and not Quantitative, as the data does not include numbers.
  Also, the medals can be ordered. That is, Gold is best, followed by Silver and then Bronze. Hence, the variable is Ordinal. Hence, the correct option is:
  Categorical $\rightarrow$ Ordinal .
  
• Amount (in pound) of weight needed to break a bridge cable:
  Here, the data is numbered. That is, the variable is the quantity of weight required. Hence, this is Quantitative data.
  Also, a weight of 0 indicates the absence of any weight and is not just "any other" value. This is a characteristics of ratio scale. Hence, the correct option is:
  Quantitative $\rightarrow$ Ratio .
  
• Temperature (in degree Farenheit)
  Here, the data is numbered. That is, the variable is the temperature, indicating the degree of hotness or coldness. Also, this type of data cannot be categorised. Hence, the data is quatitative in nature.
  Also, a temperature of $0^{\cdot }F$ does not have any significance. It is just like any other temperature values. $0^{\cdot }F$ does not mean the absence of temperature. This is a characteristic of Interval scale. Hence, the correct option is:
  Quantitative $\rightarrow$ Interval .
  
  

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Answer 2

Close price (in dollars) of a stock