For Which Type of Data Are the Values Arbitrary Numbers

question 2

Multiple Choice

For which type of data are the values arbitrary numbers?

• A)Interval data
• B)Nominal data
• C)Ordinal data
• D)None of these choices.

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Definitions:

Entrepreneur's Sole Function

The primary responsibility of an entrepreneur, often seen as identifying opportunities, allocating resources, and driving innovation and economic growth.

Marginal Analysis

An examination of the benefits and costs of one more unit of a product or activity to help make efficient allocation decisions.

Full Employment

This term refers to the condition where all available labor resources are being used in the most economically efficient way, with no involuntary unemployment.

Production Possibilities Curve

A graph that shows the different quantities of two goods that an economy can produce with fixed resources and technology.