There Are Three Primary Scales of Measurement: Nominal,ordinal,and Ratio

question 19

True/False

There are three primary scales of measurement: nominal,ordinal,and ratio.

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Definitions:

Unemployment Rate

The percentage of the labor force that is jobless and seeking employment, used as an indicator of the economy's health.

Contractionary Monetary Policy

Monetary policy measures undertaken by a central bank to reduce inflation and slow down economic growth by decreasing the money supply or increasing interest rates.

Minimum Wage

The lowest remuneration that employers can legally pay their workers, a rate which is set by government legislation.

Unemployment Rate

The segment of the labor force currently without employment but making efforts to find work.