Step 1: Understand the terms 'lateral strain' and 'longitudinal strain'. Lateral strain is the change in width or height of a material when it is stretched, while longitudinal strain is the change in length.
Step 2: Identify the values given in the question. Lateral strain = 0.02 and Longitudinal strain = 0.01.
Step 3: Use the formula for Poisson's ratio (ν), which is ν = Lateral strain / Longitudinal strain.
Step 4: Substitute the values into the formula: ν = 0.02 / 0.01.
Step 5: Perform the division: 0.02 divided by 0.01 equals 2.
Step 6: Conclude that the Poisson's ratio for the material is 2.