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Basic Question 7 of 7
Which statement(s) is/are true? I. Once a categorical variable has been recoded as a dummy variable, the dummy variable can be used in regression analysis just like any other quantitative variable.
II. The main purpose of dummy variables is that they are tools that allow us to represent nominal-level independent variables in statistical techniques like regression analysis.
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I used your notes and passed ... highly recommended!
Lauren
Learning Outcome Statements
describe the use of analysis of variance (ANOVA) in regression analysis, interpret ANOVA results, and calculate and interpret the standard error of estimate in a simple linear regression
CFA® 2024 Level I Curriculum, Volume 1, Module 10.