The Magnitude of the Differences in Objects Is Shown When

question 23

Multiple Choice

The magnitude of the differences in objects is shown when which types of scales are used?

• A) Interval or ordinal
• B) Ratio or ordinal
• C) Ordinal or nominal
• D) Interval or ratio
• E) Nominal or interval

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Definitions:

Production Possibilities Frontier

A graph that shows the highest production potential for two products, based on available resources and various factors.

Means of Production

The resources—including land, labor, capital, and technology—used to produce goods and services in an economy.

Capital

Wealth in the form of money or assets, used in the production of more wealth.

Depression

An extended period of significant decline in economic activity across an economy, characterized by high unemployment, low consumer spending, and reduced industrial output.