The Highest Levels of Measurement, and the Most Informative, Are

question 30

Multiple Choice

The highest levels of measurement, and the most informative, are ________ and ____________.

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

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Definitions:

Free Trade

The absence of tariffs, quotas, and other regulatory barriers to trade between countries, allowing for the unrestricted exchange of goods and services.

Production

The process of creating goods or services by combining various inputs like labor, capital, and natural resources.

Government Subsides

Financial assistance provided by the government to individuals, organizations, or businesses in order to promote certain activities or reduce the costs of those activities.

Economic Growth

An increase in the production of goods and services in an economy over a period, typically measured as the percent change in GDP.