When the Data Are Labels or Names Used to Identify

question 29

Multiple Choice

When the data are labels or names used to identify an attribute of the elements, the variable has which scale of measurement?

• A) nominal
• B) ordinal
• C) interval
• D) ratio

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Definitions:

Budget Line

Represents the combination of goods and services that a consumer can purchase with a given budget at set prices.

Budget Line

A diagram that maps out all potential pairings of two goods which are affordable within a set budget, with prices being stable.

Money Income

The total earnings received by an individual or household, including wages, salaries, benefits, and investments, usually measured before taxes.

Equilibrium Combinations

Sets of prices and quantities in a market where supply and demand are balanced, leading to no excess supply or demand.