Suppose when the price of laptops fall, college students buy more laptops. This implies that
A) there is a one-to-one relationship between laptop prices and quantities purchased by college students.
B) there is a direct relationship between laptop prices and quantities purchased by college students.
C) there is a negative relationship between laptop prices and quantities purchased by college students.
D) there is a positive relationship between laptop prices and quantities purchased by college students.
C
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An increase in cyclical unemployment will result in
A) an increase in structural unemployment. B) an increase in the unemployment rate. C) an increase in the natural rate of unemployment. D) a decrease in frictional unemployment.
A pure private good is _____ and _____
a. nonexcludable; private in consumption b. excludable; private in consumption c. excludable; collective in consumption d. nonexcludable; collective in consumption
Suppose there are two countries, X and Y. If the exchange rate, as measured in X's currency, is currently 9, what do citizens of the nation of Y see when they read their newspapers?
a. The exchange rate for X's currency is 9. b. The exchange rate for X's currency is more than 9. c. The exchange rate for X's currency is 3. d. The exchange rate for X's currency is 0.11. e. Knowing one exchange rate does not mean we can tell the other exchange rate.
A characteristic of a good model is that
A. it predicts perfectly. B. it applies to all situations. C. it is useful for making irrefutable predictions. D. its predictions can be tested using real-world data.