A School Superintendent Has Received a Report from the State

question 35

Multiple Choice

A school superintendent has received a report from the state that lists the ranking of schools in terms of the students' performance on the state's achievement test.Which scale of measurement is represented in this report?

• A)nominal scale
• B)ordinal scale
• C)interval scale
• D)ratio scale

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Definitions:

Economic Profit

The extra income a business makes after accounting for all costs and expenditures, including opportunity costs.

Profit-Maximizing Output

Profit-maximizing output is the quantity of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Total Variable Cost

The sum of all costs that vary with the level of output, such as materials and labor, distinct from fixed costs.

Economic Profit

The disparity between total sales and the combined total of explicit and implicit costs.