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Table 24-7. The table below applies to an economy with only two goods - hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs.
-Refer to Table 24-7. If the base year is 2009, then the economy's inflation rate is
Nominal
Scale used to classify or categorize data into groups that have different names but are not related to each other in any other systematic way.
Scale of Measurement
The method or standard used to quantify the variables researchers are interested in, such as nominal, ordinal, interval, and ratio scales.
Interval
Scale used to categorize, rank order, and arrange data so that an equal interval unit appears between each of the scores.
Descriptive Statistics
Set of statistical analyses that can be used to organize and describe the characteristics of a set of data.
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