Which of the Following Variables Use the Ratio Scale of Measurement

question 38

Multiple Choice

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

• A) Driver's license number
• B) Temperature
• C) Gender
• D) Weight

Identify the impact of cognitive constructs (e.g., the sunk cost effect, gamblers' fallacy) on decision behavior.

Grasp the role of the prefrontal cortex in decision making and planning.

Understand the concept and application of multi-attribute utility theory (MAUT) and other decision-making models.

Recognize the influence of problem structure (e.g., framing, information presentation) on decision outcomes.

---

Definitions:

Consumption Function

The consumption function is an economic formula that represents the relationship between total consumption and gross national income, predicting consumer spending.

Marginal Propensity to Consume

The ratio of change in consumption to the change in disposable income, indicating how much income will be spent rather than saved.

Investment

Investment involves allocating resources, such as capital or time, in the expectation of generating a profit or benefit in the future.

Interest Rates

A charge, calculated as a percentage of the principal, demanded by a lender from a borrower for assets' usage.