Which of the Following Primary Scales of Measurement Is Used

question 41

Multiple Choice

Which of the following primary scales of measurement is used only for classification purposes?

• A) ordinal scales
• B) ratio scales
• C) nominal scales
• D) interval scales
• E) random scales

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Definitions:

Rational Expectations Theory

The hypothesis that individuals form forecasts about the future based on all available information, including the understanding of economic policies, thus acting optimally on these expectations.

Aggregate Demand

The total demand for goods and services within a particular market or economy at a given price level and in a given time period.

Oil Price Shocks

Sudden and significant changes in the global price of oil, which can lead to economic instability and affect global markets.

Supply-Side Economists

Economists who believe that reducing tax rates and deregulating markets to facilitate the supply of goods and services are the best ways to stimulate economic growth.