Nominal Scales Are Considered ______ Data

question 15

Multiple Choice

Nominal scales are considered ______ data.

• A) quantitative
• B) bivalent
• C) multivalent
• D) qualitative

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Definitions:

Expected Inflation

The rate of inflation that consumers, businesses, and investors anticipate will occur in the future, which can influence economic behavior in the present.

Phillips Curve

An economic theory that suggests an inverse relationship between the rate of unemployment and the rate of inflation in an economy.

Sacrifice Ratio

A measure of the economic costs of reducing inflation, often represented by the loss of output or employment.

Friedman and Phelps

Economists known for their work on the natural rate of unemployment and expectations in macroeconomics, challenging the traditional Phillips curve concept.