Without Scarcity,the Study of ________ Would Be Unnecessary

question 4

Multiple Choice

Without scarcity,the study of ________ would be unnecessary.

• A) positive incentives
• B) negative incentives
• C) resource allocation
• D) economics
• E) productivity

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Definitions:

Ordinal Random Variable

A random variable that has outcomes which can be ordered or ranked but does not necessarily have a quantitative value.

Nominal Random Variable

A variable that represents data which can be classified into distinct categories with no logical order.

Nominal Data

Data classified into categories that cannot be ordered or ranked; purely qualitative.

Interval Data

A type of data measurement where the intervals between values are meaningful, allowing for arithmetic operations to be performed.