Which Term Refers to Economic Variables Whose Values Are Measured

question 177

Multiple Choice

Which term refers to economic variables whose values are measured in monetary units?

• A) dichotomous variables
• B) nominal variables
• C) classical variables
• D) real variables

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Definitions:

Relevant

Pertinent or directly connected to the matter at hand, especially in the context of decision-making where only factors that affect the decision are considered.

Avoidable Cost

Expenses that can be eliminated if a particular decision is made or if a business operation is discontinued.

Sunk Cost

Costs that have already been incurred and cannot be recovered or altered by any future action.

Eliminated

Removed or taken away, often used in the context of erasing a component or aspect in various fields such as finance, science, or competition.