The Variable "Years of Formal Schooling Successfully Completed" (Categories: 0

question 5

Multiple Choice

The variable "years of formal schooling successfully completed" (categories: 0, 1 to 7, 8, 9 to 11, 12, 13 to 15, 16, 17 or more) has what level of measurement?

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

---

Definitions:

Fixed Costs

Costs that do not change with the level of production or sales, such as rent, salaries, or insurance, and must be paid regardless of business activity.

Industry Supply Curve

The industry supply curve represents the total quantity of goods that producers in a market are willing and able to sell at different prices, assuming all other factors constant.

Output

The cumulative production of goods or services by a corporation, industry, or the entire economy.

Supply Curve

A graph showing the relationship between the price of a good and the amount of the good that suppliers are willing to sell at that price.