The Ordinal Level of Measurement Stands for Order

question 29

True/False

The ordinal level of measurement stands for order.

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Definitions:

Output

The amount of goods or services produced by a person, machine, factory, or entire economy in a certain period.

Returns To Scale

A concept in economics that describes how the output of a production process changes as the scale of production inputs changes.

Production Function

A mathematical model that describes the relationship between inputs used in production and the resultant output.

Isoquant

An isoquant is a curve depicting all combinations of inputs which produce the same level of output, used in the study of production theory.