For Ease of Data Entry into a University Database, 1

question 55

Multiple Choice

For ease of data entry into a university database, 1 denotes the student is enrolled in an undergraduate degree program, 2 indicates the student is enrolled in a master's degree program, and 3 indicates the student is enrolled in a doctoral degree program.In this case, the data are which scale of measurement?

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

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Definitions:

Income Effect

The change in an individual's or economy's consumption patterns due to a change in real income, which can result from wage changes, inflation, or taxation adjustments.

Consumer Equilibrium

The point at which the quantity of a product demanded by consumers equals the quantity supplied, leading to a state where there is no incentive for prices to change.

Consumer Equilibrium

A state in which a consumer has allocated their income in a way that maximizes their total utility given the prices of goods and services.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to replace more expensive items with cheaper alternatives.