A Nominal Scale Enables Respondents to Express Relative Magnitude Between

question 48

True/False

A nominal scale enables respondents to express relative magnitude between the answers to a question and responses can be rank-ordered in a hierarchical pattern.

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Definitions:

Income Tax

A tax imposed by a government on the financial income generated by individuals or entities within its jurisdiction.

Plant Capacity

The maximum level of output that a company can sustain to produce in a given period under normal conditions.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision, representing the benefits one misses out on when choosing one option over another.

Sunk Cost

A cost that has already been incurred and cannot be recovered.