Metric Measures Refer to Data That Are _____

question 48

Multiple Choice

Metric measures refer to data that are _____.

• A) Nominal
• B) Interval
• C) Ordinal
• D) Ratio
• E) B & D above

---

Definitions:

Price

The cost associated with purchasing a particular product or service.

Budget Constraint

The limitations on the consumption bundle that a consumer can afford given their income and the prices of goods and services.

Household's Income

The total annual income received by all members of a household, including wages, salaries, benefits, and other sources of income.

Homogeneous Products

Goods that are identical in quality and cannot be distinguished from one another by consumers.