The Measurement Scale Suitable for Quantitative Data Is _____ Scale

question 74

Multiple Choice

The measurement scale suitable for quantitative data is _____ scale.

• A) the ordinal
• B) the nominal
• C) either the interval or ratio
• D) only the interval

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Definitions:

Implicit Cost

The opportunity costs that are not directly paid or incurred but represent the loss of alternative benefits when resources are used in a particular way.

Capital

A resource, such as equipment or buildings, used to produce goods and services.

Implicit Costs

The opportunity costs that are not directly paid for or visibly incurred in financial transactions but represent real costs to economic actors.

Economic Costs

Economic costs include both the explicit costs of production, such as raw materials and wages, and implicit costs, such as opportunity costs.