What Type of Data Values Are Quantitative and the Number

question 34

Multiple Choice

What type of data values are quantitative and the number of values is finite or countable?

• A) Interval
• B) Discrete
• C) Categorical
• D) Continuous

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Definitions:

Wage Rate

The rate at which labor is compensated by employers, typically expressed per hour or year.

Short-run Production Function

A mathematical representation of the relationship between a firm's output and the amounts of inputs used, assuming some inputs are fixed.

Variable Factor

An input in the production process that can be adjusted in the short term to change the output level, such as labor or raw materials.

Fixed Factors

Elements of production that cannot be easily increased or decreased in the short term, such as land, buildings, or capital equipment.