The Scale of Measurement Used for Variable Data That Is

question 55

Multiple Choice

The scale of measurement used for variable data that is simply a label for the purpose of identifying the attribute of an element is the _____ scale.

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

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Definitions:

Price Floor

A government or regulatory-imposed minimum price for a good or service, intended to prevent prices from falling below a certain level.

Shortage

An instance where the need for a good or service surpasses its availability in the marketplace.

Subsidy

Financial assistance provided by government to support businesses, organizations, or individuals, often aimed at encouraging certain economic activities or reducing burdens.

Selling Price

The amount of money that a seller charges for a product or service.