Refer to the above figure. A movement from point A to point B for a good is most likely a result of
A. a decrease in the price of that good.
B. an expectation of an increase in the relative price of that good.
C. an increase in the price of that good.
D. an expectation of a decrease in the relative price of that good.
Answer: A
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Profits can be thought of as
a. the return to enterprise. b. the reward for taking a risk and winning. c. what is left over after all wages, rent, and interest have been paid. d. All of these.
The terms "correlation" and "causation" are synonymous
a. True b. False Indicate whether the statement is true or false
Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. What is the market value of production in this economy?
A. $1.20 B. $5.00 C. $7.00 D. $2.00
The _____ marks the low point of a business cycle.
Fill in the blank(s) with the appropriate word(s).