A Ranking Scale in Which Numbers Are Assigned to Objects

question 7

True/False

A ranking scale in which numbers are assigned to objects to indicate the relative extent to which some characteristic is possessed is called a nominal scale.

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Definitions:

Price of Soybeans

The current market value at which soybeans can be bought or sold.

Normative Statement

Assertions or opinions that express what ought to be, involving value judgments and cannot be tested or verified.

Positive Statement

An objective statement based on factual information that can be tested and validated, often used in economics to describe what is happening without judgment of desirability.

Tax on Beer

A specific tax imposed on the sale of beer, generating revenue for the government and sometimes used to discourage excessive consumption.