On a graph, high correlation between the variable measured along the x-axis and the variable measured along the y-axis
A) means that changes in the variable measured along the x-axis must cause changes in the variable measured along the y-axis.
B) means that changes in the variable measured along the y-axis must cause changes in the variable measured along the x-axis.
C) means that changes in either variable must cause changes in the other variable.
D) does NOT mean that a change in the variable measured along the x-axis must cause a change in the variable measured along the y-axis.
D
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Which of the following would be classified as a fixed cost for the local supermarket?
A) The cost of the boxes of cereal sold in the store. B) The salary and any overtime paid the store's manager. C) The rent from the six-year lease for the building the store uses. D) The Social Security tax the store pays the federal government on the workers' income.
Refer to Figure 3-4. If the price is $25,
A) there is a surplus of 300 units. B) there is a shortage of 200 units. C) there is a shortage of 300 units. D) there is a surplus of 200 units.
Gross domestic product is best described as the
A. measure of a nation’s total economic welfare. B. national income, including nonmarket income. C. sum of money values of all final output produced in the domestic economy within the year. D. national output minus environmental damage.
A profit-maximizing monopsonist
A. hires fewer workers and pays its workers less than it would if it were operating in a competitive labor market. B. hires more minority workers than nonminority workers, but pays the minority workers less than the nonminorities. C. pays the same wage to all types of labor. D. substitutes low-skilled labor for high-skilled labor in the long run. E. hires an equal number of male and female workers and pays them the same wage.