The Shell Station on Portage Ave in Winnipeg Is Studying

question 59

Multiple Choice

The Shell station on Portage Ave in Winnipeg is studying the number of litres of fuel that are sold on each day of the week. Records are available for the past year. How can the variable 'number of litres' be best described?

• A) Discrete
• B) Continuous
• C) Qualitative
• D) Census
• E) Nominal

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Definitions:

Nominal Wage

The wage paid to workers measured in current money terms, without adjustment for inflation.

Real Output

The total value of all goods and services produced in an economy, adjusted for price changes or inflation.

Relative-price Variability

The fluctuation in prices of goods and services relative to each other over time, often influenced by various economic factors.

Misallocation

The inefficient distribution or use of resources, often leading to suboptimal economic outcomes.