State whether each of the following variables is categorical or quantitative and state its measurement scale. a. Annual sales: b. Soft drink size (small, medium, large): c. Employee classifications (GS1 through GS18): d. Earnings per share e. Method of payment (cash, check, credit card) Problem 4 The Food and Drug Administration (FDA) reported the number of new drugs approved over an eight- year period (The Wall Street Journal, January 12, 2014). Figure 4 provides a bar chart Summarizing the number of new drugs approved each year. a. Are the data categorical or quantitative? b. Are the data time series or cross-sectional? c. How many new drugs were approved in 2003? d. In what year were the fewest new drugs approved? How many? e. Comment on the trend in the number of new drugs approved by the FDA over the eight-year period. Figure 4: Number of New Drugs Approved by the Food and Drug Administration Number of New Drugs 53 30 15 0 1996 1997 1998 1999 2000 2001 2002 2003 Year