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At the end of a safari,the tour guide asks the vacationers to respond to the questions listed below.For each question,determine whether the possible responses are interval,nominal,or ordinal.
a.How many safaris have you taken prior to this one?
b.Do you feel that your tour safari lasted sufficiently long (yes/no)?
c.Which of the following features of the accommodations did you find most attractive: location,facilities,room size,service,or price?
d.What is the maximum number of hours per day that you would like to spend traveling?
e.Is your overall rating of this safari: excellent,good,fair,or poor?
Substitution Effect
The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.
Real Wages
Real wages refer to the purchasing power of wages, taking into account inflation, showing the quantity of goods and services that can be bought.
Legal Minimum Wage
The lowest hourly, daily, or monthly remuneration that employers are legally allowed to pay workers.
Equilibrium Wage Rate
The wage rate at which the quantity of labor supplied is equal to the quantity of labor demanded in the market.
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