________ have a horizontal and a vertical axis and are used in economics to illustrate relationships between two economic variables
A) Two-dimensional graphs
B) One-dimensional graphs
C) Pie Charts
D) Bar graphs
Answer: A
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A diversified portfolio only makes sense for large institutional investors, not for small investors.
Answer the following statement true (T) or false (F)
The cross price elasticity of demand is defined as
A) the percentage change in the supply for one good (a shift in the supply curve) divided by the percentage change in price of a related good. B) the percentage change in demand for two different commodities. C) the percentage change in the demand for one good (a shift in the demand curve) divided by the percentage change in price of a related good. D) the percentage change in price for two different commodities.
If the local slaughterhouse gives off an unpleasant stench, then the equilibrium quantity of meat will be ________ the quantity that maximizes total economic surplus.
A. higher than B. lower than C. equal to D. more equitable
People participate in international trade basically because:
A) they are better off by doing so. B) they must. C) it makes other countries better off. D) they prefer to share their income with people in other countries.