Which of the Following Variables Uses the Ratio Scale of Measurement

question 41

Multiple Choice

Which of the following variables uses the ratio scale of measurement?

• A) name of stock exchange
• B) time
• C) SAT scores
• D) social security number

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Definitions:

Economic Costs

The total cost of choosing one action over another, including both explicit costs (direct payment) and implicit costs (opportunity costs).

Normal Rate

Typically refers to a baseline or standard rate of interest, production, or growth that is considered usual or expected under normal circumstances.

Minimum Efficient Scale

The smallest level of production at which a firm can achieve the lowest long-run average total cost.

Economic Costs

The total cost of choosing one action over another, comprising both the costs directly incurred and the opportunity costs forgone by not taking the alternative action.