A Rank of First, Second, and Third from a Competition

question 21

Multiple Choice

A rank of first, second, and third from a competition would be an example of which type of variable?

• A) nominal
• B) ordinal
• C) interval
• D) ratio

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Definitions:

Arbitrage

The practice of buying and selling assets to profit from price differences in different markets.

Trade Policies

Laws and regulations enacted by governments to manage international trade, designed to protect domestic industries, control exports and imports, and foster economic growth.

Trade Balance

The variance between what a nation sells and buys from abroad in terms of goods and services.

National Saving

The total amount saved by a nation's households and businesses, plus government budget surplus, which can be used for investment.