Question: 1. Explain the difference between the following terms: (a) Continuous and discrete data (b) Ordinal and nominal data (c) Time series and panel data (d)

1. Explain the difference between the following terms:

(a) Continuous and discrete data

(b) Ordinal and nominal data

(c) Time series and panel data

(d) Noisy and clean data

(e) Simple and continuously compounded returns

(f) Nominal and real series

(g) Bayesian and classical statistics

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