Statistical Tests Designed to Handle Interval Data, May Also Be

question 109

Multiple Choice

Statistical tests designed to handle interval data, may also be used on

• A) nominal data
• B) ordinal data
• C) ratio data
• D) a test designed for interval data cannot handle data of any other type

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another.

Income Effect

The change in an individual's or market's consumption resulting from a change in real income.

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Convex Preferences

A preference structure where a consumer prefers mixtures or averages of two goods or bundles to extreme amounts of one good or bundle.