A Question That Asks "How Much You Would Be Willing

question 64

Multiple Choice

A question that asks "How much you would be willing to pay in annual premium for a $100,000 home insurance policy" in the following way would be scaled as: Check appropriate category
____ < $25 per month
____ $26 to $40 month
____ $41 to $55 month
____ > $55 per month

• A)Nominal scale
• B)Ordinal scale
• C)Interval scale
• D)Ratio scale
• E)Likert scale

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Definitions:

Smuggled

Goods or commodities that are imported or exported illegally, without paying tariffs or adhering to trade regulations.

Transit

The movement of people or goods from one location to another, typically refers to public transportation systems.

Equilibrium Price

The market price at which the quantity of an item supplied is equal to the quantity demanded.

Fine Imposed

A monetary penalty levied by an authority on individuals or entities as punishment for violations of legal rules or regulations.