When the Data Have the Properties of Ordinal Data and the Interval

question 42

Multiple Choice

When the data have the properties of ordinal data and the interval between observations is expressed in terms of a fixed unit of measure, the variable has which scale of measurement?

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

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Definitions:

Land Supplied

Land supplied indicates the quantity of land offered for use or development, affected by factors like pricing, zoning regulations, and market demand.

Rationing Function

The ability of market prices to allocate scarce resources efficiently among competing uses.

Incentive Function

The inducement that an increase in the price of a commodity gives to sellers to make more of it available (and conversely for a decrease in price), and the inducement that an increase in price offers to buyers to purchase smaller quantities (and conversely for a decrease in price).

Loan Period

The duration of time from the initiation of a loan to its final due date, within which the borrower is expected to repay the borrowed amount along with interest.