A variable taking on only the values 0 and 1 is called a dummy or indicator variable.

Name: A variable taking on only the values 0 and 1 is called a dummy or indicator variable.
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This is true. A variable that takes on only two possible values (usually 0 and 1) is called a dummy or indicator variable. It is commonly used to represent binary outcomes or categories in statistical analysis.

A Variable Taking on Only the Values 0 and 1