In Order to Use Factor Analysis,it Is Important That the Variables

question 38

True/False

In order to use factor analysis,it is important that the variables be appropriately measured on an ordinal or nominal scale.

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus in a market, reflecting the total net benefit to society from the production and consumption of goods and services.

Trade

The exchange of goods and services between parties, which can be within or across national borders.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.

Trade

The process of purchasing, vending, or trading products and services among individuals, corporations, or nations.