When the Data Have the Properties of Ordinal Data and the Interval

question 42

Multiple Choice

When the data have the properties of ordinal data and the interval between observations is expressed in terms of a fixed unit of measure, the variable has which scale of measurement?

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

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Definitions:

World Series

The annual championship series of Major League Baseball in North America, contested since 1903 between the American League and National League champions.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.

Firm's Willingness

A company's propensity to engage in certain actions based on its economic interests and goals.

Consumer Surplus

The discrepancy between what consumers are prepared and capable of paying for a product or service and the actual amount they end up spending.