Classify the Measurement Type in the Following Example As

question 16

Multiple Choice

Classify the measurement type in the following example as:

• A)nominal data
• B)ordinal data
• C)interval data
• D)ratio data
• A person's occupation

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Definitions:

Deflation

A decrease in the general price level of goods and services in an economy over a period, opposite of inflation, often indicating a reduction in consumer demand and economic activity.

CPI

The Consumer Price Index, through a weighted average method, evaluates how the prices of a varied mix of consumer services and goods, such as medical care, food, and transportation, change over time.

Salary

Predetermined, regular payment made by an employer to an employee, often expressed as an annual sum.

Consumer Price Index

A metric that quantifies the average shift over time in the costs that urban residents incur for a specified set of consumer goods and services.