Determine Which of the Four Levels of Measurement Is

question 64

Multiple Choice

Determine which of the four levels of measurement is most appropriate.
-Nationalities of survey respondents.

• A)Ratio
• B)Nominal
• C)Ordinal
• D)Interval

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Definitions:

Fixed Costs

Expenses that do not change with the level of goods or services produced over a short time.

Variable Costs

Expenses that change in proportion to the activity or production level of a business.

Fixed Costs

Expenses that remain constant for a period of time irrespective of the level of outputs, like rent, salaries, and loan payments.

Break-even Volume

The quantity of sales needed for a product to generate revenue that matches the total costs, resulting in no profit or loss.