|Question||The notion of utility is an “ordinal” one for which it is assumed that people can rank combinations of goods as to their desirability, but that they cannot assign a unique numerical (cardinal) scale for the goods that quantifies “how much” one combination is preferred to another. For each of the following ranking systems, describe whether an ordinal or a cardinal ranking is being used:
(a) Military or academic ranks;
(b) Prices of vintage wines;
(c) Rankings of vintage wines by the French Wine Society;
(d) Press rankings of the “Top Ten” football teams;
(e) Results of the U.S. Open Golf Championships (in which players are ranked by the number of strokes they take);
(f) Results of the NCAA basketball tournament (which is conducted using a draw that matches teams against one another until a final winner is found)?