Which Levels of Measurement Allow for Attributes to Be Placed

question 37

Multiple Choice

Which levels of measurement allow for attributes to be placed on a continuum with equal distance between points?

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

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Definitions:

Percentage Increase

calculates the rate at which a quantity grows over a period, expressed as a fraction of its original value.

Elastic

Describes a scenario where a small change in price leads to a large change in quantity demanded or supplied.

Inelastic

describes a situation where the demand or supply for a good is not significantly affected by changes in price.

Relatively Elastic

Describes a situation where demand for a product is sensitive to changes in its price, meaning consumers will significantly reduce or increase their demand based on price changes.