The debate about the future of Social Security has renewed interest in the amount saved for retirement by employees at a company. While it is possible to open an Individual Retirement Account (IRA), many employees may not have done so. To learn about its staff, a company asked its 65 employees whether they have an IRA and how much they have contributed.
(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.
Q3
A bank is planning to raise the fees that it charges customers. It is concerned that the increase will cause some customers to move to other banks. It surveyed 300 customers to get their reaction to the possible increase.
(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.