A Canadian paper manufacturer sells much of its paper in the United States. The manufacturer is paid in U.S. dollars but pays its employees in Canadian dollars. The manufacturer is interested in the...

A Canadian paper manufacturer sells much of its paper in the United States. The manufacturer is paid in U.S. dollars but pays its employees in Canadian dollars. The manufacturer is interested in the fluctuating exchange rate between these two currencies. Each trading day in 2011 the exchange rate fluctuated by several basis points. (A basis point is 1>100 of a percent.) A year of data is collected.

(a) Identify whether the data are cross sectional or a time series.

(b) Give a name to each variable and indicate if the variable is categorical, ordinal, or numerical (if a variable is numerical, include its units if possible).

(c) List any concerns that you might have for the accuracy of the data.