Final answer:
The END= option creates a temporary variable indicating the last observation is being processed, but it does not tell SAS to process only the last observation. b. False
Step-by-step explanation:
The statement 'The END= option in the SET or INFILE statement indicates that SAS should process the last observation' is false.
The END= option in the SET or INFILE statement is used in a Data Step to create a temporary variable that indicates when the processing of data has reached the last observation of a dataset. However, it does not dictate to SAS to process only the last observation. Instead, this variable becomes true when the Data Step is processing the last observation, which can be useful for carrying out certain tasks or logic only at the end of the data step, such as final calculations or writing summary information to a log or dataset.