What is the difference between ordinal and cardinal measurement?
What will be an ideal response?
Prices are measured in money, which is a cardinal measure. When you have $100 you are twice as well off compared to having $50. With an ordinal measure like an exam grade you can say that an A is better than a B but not how much better it is.
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Which of the following implies a decline in labor productivity in an economy?
a. A high rate of growth in capital formation b. An improvement in input quality c. A decrease in the production of goods and services d. An increase in the budget surplus in the economy e. A decrease in the prices of goods and services
Members of the Board of Governors are:
A. appointed by the President of the United States and confirmed by the Senate. B. appointed by the President of the United States and confirmed by the House of Representatives. C. appointed by the U.S. Secretary of Treasury and confirmed by the President of the United States. D. appointed by member-banks and confirmed by the House of Representatives.
Which of the following is INCORRECT?
a. Aggregate abatement spending in the U.S. has increased over time b. Across all economic sectors, business spending on abatement in the United States comprises the highest proportion of aggregate abatement spending c. Across major industries, spending on waste treatment outweighs spending on recycling d. The petroleum and coal industry spends less on abatement than any other industry
When the payoff you receive depends only on what you choose, but not on what your opponent chooses, mutual interdependence is said to exist
Indicate whether the statement is true or false