A Descriptive Nonnumerical Observation Is Best Termed A(n)____ Measure

question 17

Multiple Choice

A descriptive nonnumerical observation is best termed a(n) ____ measure.

• A)quantitative 
• B)qualitative 
• C)objective
• D)subjective

Grasp the benefits of free trade and the negative impacts of trade restrictions.

Recognize the factors determining whether a country exports or imports a particular good.

Understand the role of opportunity costs in determining comparative advantage.

Analyze how international trade affects domestic economies, including producers and consumers.

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Definitions:

Law Of Demand

The economic principle that, all else equal, an increase in the price of a good will decrease the quantity demanded, and conversely, a decrease in price will increase the quantity demanded.

Quantity

The amount or number of a material or immaterial entity that is measureable.

Equilibrium Price

The selling price where the amount of products offered is equal to the amount of products consumers want to buy.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a particular price over a specified period.