Question

Income is a variable often used in business and economics. Income is an example of a variable that uses the ______.

Answer 1

Answer:

Ratio scale

Explanation:

Ratio Scale

This type of scale measurements usually rates or classifies and ranks variables or scores only on the stand that there is equal intervals and a true zero point. It is often regarded as the highest most precise level of measurement. It is also called a Goniometry measurements on a patient. Examples of the ratio scale of measurement includes wages, weight, distance between branch offices, and height etc. Ratio data gives room for a meaningful ratio comparison.

Income

This is commonly regarded as money received based on work done or through investments that was made.

They are also refered to as payment received in the form of wages, salary, gifts, government payments or investments etc. Income are usually spent on needs or wants and it can also be saved.