If x causes y, then
a. x and y are inversely related
b. y is a dependent variable
c. other variables don't matter
d. y must, in turn, cause x
e. x and y are always in a direct relation to each other
B
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?Because trade across markets creates winners and losers,the overall surplus in the loser's market is diminished.
Answer the following statement true (T) or false (F)
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna receives $71 from the auction, she can infer that
a. Both the bidders were high value bidders b. Both the bidders were low value bidders c. One of the bidders was high value, while the other was low value d. All of the above
If the aggregate demand curve shifts rightward, then _____
a. the price level increases and output decreases b. the resulting increase in the price level is usually called cost-push inflation c. the resulting increase in the price level is usually called demand-pull inflation d. the price level increases as long as the aggregate supply curve shifts leftward e. the price level decreases and output decreases
If the price of tennis rackets were to increase, we would expect: a. the demand for tennis balls to increase
b. the demand for tennis balls to decrease. c. the supply of tennis balls to increase, leading to a movement along the demand curve for tennis balls. d. the supply of tennis balls to decrease.