A Question That Asks How Much You Would Be Willing

question 1

Multiple Choice

A question that asks how much you would be willing to pay in annual premium for a $100,000 life insurance policy would be scaled as:

• A)nominal.
• B)ordinal.
• C)interval.
• D)ratio.
• E)an origin.

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Definitions:

Inferior Goods

Goods for which demand decreases as the income of consumers increases, opposite to normal goods where demand increases with rising income.

Ramen Noodles

A fast-cooking type of noodle dish, often sold in packets or cups, known for its convenience and low cost, originating from Japan.

Boxed Macaroni

Pre-packaged, dry macaroni pasta that is typically accompanied by powdered or liquid cheese, intended for quick and easy preparation.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases when consumer income falls.