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.
You might also like to view...
Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515Suppose Earth Movers & Shakers needs to fill an order for 60 tons of ore in a single day. If it has no other orders for that day, it should:
A. take 30 tons from Scraping Bottom and 30 tons from Middle Drift. B. take it all from Middle Drift. C. take 20 tons from each of the three mines. D. take it all from Mother Lode.
An increase in government spending causes the equilibrium level of aggregate output to ________ at any given interest rate and shifts the ________ curve to the ________, everything else held constant
A) rise; LM; right B) rise; IS; right C) fall; IS; left D) fall; LM; left
Identify the main reason to expect convergence in the long run
a. Low-productivity countries learning from high-productivity countries b. Rapid growth in the supply of capital in low-productivity countries c. Educational attainment rising quickly in low-productivity countries d. Economic complacency and mismanagement in high-productivity countries
Outsourcing leads to
A. Decreases in productivity and decreases in total output. B. Decreases in productivity and increases in total output. C. Increases in productivity and increases in total output. D. Increases in productivity and decreases in total output.