Gary Franklin is a movie critic. He invented the Franklin Scale with which he rates movies from 1 to 10 (10 being best). When asked about his scale, Mr. Franklin explained "that it is a subjective measure of movie quality
A movie with a ranking of 10 is not necessarily 10 times better than a movie with a ranking of 1, but it is better. A movie with a ranking of 5 is better than a movie with a ranking of 1, but is not as good a movie with a ranking of 10. That's all it really tells you." Based on Mr. Franklin's description, his scale is: A) ordinal but not cardinal.
B) cardinal but not ordinal.
C) an objective standard to judge movies.
D) neither cardinal nor ordinal.
A
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The biggest single factor affecting family income distribution is the
A) householder's age. B) householder's marital status. C) household size. D) householder's education.
Define and distinguish between real and nominal GDP. Explain why the distinction is important to economists.
What will be an ideal response?
In the long run, an increase in aggregate demand will lead to
A. A higher price level and an increase in real GDP. B. A decrease in real GDP. C. A higher price level only. D. An increase in real GDP only.
Economics is the study of
A. how people allocate their limited resources to satisfy their unlimited wants. B. the way people think rather than the way they act. C. how to own as many resources as possible. D. ceteris paribus.