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ok cool so to run a regression of certain variables, i type: ls(h) profits c ownage dfemale dblack dasian dhisp lehs hsltcoll and to test whether or not certain variables are statistically significant, i use dummy variables right? so i use a wald test and set certain variables to 0 or 1, and then lo...

I'm relatively new at everything; could anybody explain to me what a dummy variable is? I'm having trouble understanding this question: Run a regression of ln(profits) on majority owner’s age; a dummy for whether the majority owner is female; dummies for the majority owner being Black, Asian, or His...