Please Match the Definition with Scales of Measurements

question 9

Multiple Choice

Please match the definition with scales of measurements .
-Uses numbers to classify ranked categories not representing an amount; is a categorical label indicating rank within a distribution of categories

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

Assess externalities and their impacts on social welfare.

Evaluate the role of public policy in addressing free-rider problems and externalities.

Comprehend the characteristics and examples of each of the four types of goods discussed.

Understand the concept of public goods, including the free-rider problem and its implications for the provision of public goods.

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Definitions:

Bilateral Contract

A contract in which both parties make promises.

Consideration

In contract law, the mutual promise to exchange benefits and detriments between parties.

Premiums

The amount paid for insurance coverage or the payment above the nominal value of a security when issued.

Inland Marine Insurance

An insurance contract that covers goods that are moved by land carriers such as rail, truck, and airplane.