Rick Irizarry of Irizarry Insurance Company is conducting a survey of potential customers. One of his questions asks how much customers would be willing to pay in annual premium for a $100,000 life insurance policy. Check appropriate category:
___ $1 to $10 month
___ $11 to $20 month
___ $21 to $30 month
___ $31 to $40 month
___ $41 to $50 month
Rick should consider the level of the measurement scale to be:

Question

Quizplus · Accepted Answer

The level of measurement is interval because the differences between the values are meaningful. For example, the difference between $21 and $30 is the same as the difference between $31 and $40.

Rick Irizarry of Irizarry Insurance Company Is Conducting a Survey