Final answer:
The statement is true; the average of one variable, given that another variable takes on a specific value, is called a conditional mean, which is a key concept in statistical analysis.
Step-by-step explanation:
The statement, "The average of one variable given that another variable takes on a specific value is called a conditional mean," is true. The conditional mean is used in statistics to describe the mean of a variable under the condition that another variable is fixed at a certain level. For instance, if we want to calculate the average amount of rain per day given that it is a rainy season, we might look at all the days within the rainy season and calculate the mean of rainfall on those days.
Considering a dataset where two variables are related, the conditional mean would help in understanding the average value of one variable when the other variable is known. In probability and statistics, such analyses are crucial when trying to make predictions or understand the relationship between variables.