When the Groups Are Mutually Exclusive and Collectively Exhaustive,nominal Scales

question 25

Multiple Choice

When the groups are mutually exclusive and collectively exhaustive,nominal scales must be limited to _____ groups.

• A) two
• B) three
• C) five
• D) ten
• E) there is no limit

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Definitions:

Flexible Prices

A characteristic of markets where prices can change easily and rapidly in response to shifts in supply and demand.

Aggregate Supply Curve

A graphical representation depicting the total supply of goods and services that firms in an economy are willing to produce at various price levels.

Average Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy.

Final Goods

Final goods are products that have completed the manufacturing process and are purchased for consumption by the end consumer rather than for resale or further processing.