A Person's Telephone Area Code Is an Example of A(n)_____________

question 50

Multiple Choice

A person's telephone area code is an example of a(n) _____________ variable.

• A)Nominative
• B)Ordinal
• C)Interval
• D)Ratio

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Definitions:

Endogenous

Originating from within an economic model or system; refers to factors that are explained by the internal workings of the model.

Exogenous

Factors or variables that are external to the economic model and not determined within the model itself.

Frictional Unemployment

Frictional unemployment is short-term and voluntary unemployment that occurs when people are between jobs or entering the workforce for the first time, often due to personal choices or circumstances.

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services within an economy.