Precision measuring instruments require materials that possess specific properties such as high strength, durability, and resistance to wear and deformation. Steel is a commonly used material for making precision measuring instruments due to its excellent mechanical properties and ability to be easily formed into various shapes.

High speed steel (HSS) is the correct option for the steel widely used for making precision measuring instruments. Here's an explanation of why HSS is the suitable choice:

1. High Speed Steel (HSS):
- HSS is a type of tool steel that contains high amounts of carbon and alloying elements such as tungsten, molybdenum, chromium, and vanadium.
- It is renowned for its excellent combination of hardness, toughness, and wear resistance, making it ideal for applications that involve high cutting speeds and temperatures.
- The alloying elements in HSS improve its hardness and hot hardness, allowing the instruments to withstand high temperatures without losing their cutting edge.
- HSS can be heat treated to achieve different hardness levels, providing the required toughness and durability for precision measuring instruments.
- It also exhibits good dimensional stability, which is crucial for accurate measurements over time.

Other Steel Options:
a) Nickel steel:
- Nickel steel is an alloy that contains nickel as the primary alloying element.
- While it offers good strength and toughness, it may not possess the necessary hardness and wear resistance required for precision measuring instruments.

b) Nickel-Chrome steel:
- Nickel-chrome steel is an alloy that contains nickel and chromium as the primary alloying elements.
- While it offers good corrosion resistance, it may not possess the desired combination of hardness, toughness, and wear resistance required for precision measuring instruments.

d) Chrome-vanadium steel:
- Chrome-vanadium steel is an alloy that contains chromium and vanadium as the primary alloying elements.
- While it offers good strength and toughness, it may not possess the desired hardness and wear resistance required for precision measuring instruments.

In summary, high speed steel (HSS) is the most suitable option for making precision measuring instruments due to its excellent combination of hardness, toughness, and wear resistance. Its ability to withstand high cutting speeds and temperatures, along with good dimensional stability, makes it a preferred choice for such applications.