The Similarity Between an Ordinal Level of Measurement and an Interval

question 8

Multiple Choice

The similarity between an ordinal level of measurement and an interval level of measurement is that _______________.

• A) Both can be arranged in some order
• B) Differences between data values cannot be determined or are meaningless
• C) Differences between data values can be determined and are meaningful
• D) Neither can be arranged in some order

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Definitions:

Rule Utilitarianism Theory

A normative ethical theory that posits the correctness of actions depends on the rules that lead to the greatest good for the greatest number.

Profit Maximization Theory

An economic principle suggesting that businesses operate to achieve the highest possible profit based on income and cost variables.

Utilitarianism

A moral theory suggesting that the best action is the one that maximizes utility, often defined as maximizing happiness and reducing suffering.

Profit Maximization

is the process or strategy of adjusting a firm's production and sale operations to earn the highest possible profit.