The Key Difference Between an Interval and a Ratio Variable

question 42

Multiple Choice

The key difference between an interval and a ratio variable is that only

• A)interval variables have a true zero point.
• B)ratio variables have values that can be ordered.
• C)ratio variables have a true zero point.
• D)interval variables have values that can be ordered.

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Definitions:

Equitable

Characterized by fairness and impartiality; the fair distribution of resources and opportunities.

Efficient

Describes a process that achieves its goals with the least waste of time and effort.

Lump-Sum Tax

A tax that is the same amount for every person.

Deadweight Loss

A cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.