SCENARIO 1-1 The Manager of the Customer Service Division of a Major

question 161

Multiple Choice

SCENARIO 1-1
The manager of the customer service division of a major consumer electronics company is interested
in determining whether the customers who have purchased a Blu-ray player made by the company
over the past 12 months are satisfied with their products.
-Referring to Scenario 1-1, the possible responses to the question "How would you rate the quality
Of your purchase experience with 1 = excellent, 2 = good, 3 = decent, 4 = poor, 5 = terrible?"
Result in

• A) a nominal scale variable.
• B) an ordinal scale variable.
• C) an interval scale variable.
• D) a ratio scale variable.

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Definitions:

Endogenous

Originating from within a system, referring to factors or variables in economic models that are determined by the dynamics within the model itself, as opposed to external influences.

Business Cycle

The natural rise and fall of economic growth that occurs over time, including periods of expansion, peak, recession, and recovery.

External Shocks

Events outside the economic system that can cause sudden and significant changes within an economy, such as natural disasters or geopolitical events.

Last Recession

Describes the most recent period of significant decline in economic activity across the economy, lasting more than a few months.