Which of the Following Scale Types Is Considered to Have

question 44

Multiple Choice

Which of the following scale types is considered to have the lowest order?

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

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Definitions:

Classical Economists

Economists from the 18th and 19th centuries who focused on free markets, the role of competition, and the importance of limiting government intervention in the economy.

Say's Law

A principle stating that supply creates its own demand, meaning that production of goods and services creates an equivalent purchasing power in the economy.

Flexible Wages

A wage system where pay rates can vary based on market conditions, performance, or negotiated agreements, as opposed to fixed salaries.

Quantity of Money

The total amount of money in circulation within an economy, including cash, coins, and balances held in checking and savings accounts.