As the variable on the Y-axis rises the variable on the X-axis falls. The relationship between X and Y is said to be positive.
Answer the following statement true (T) or false (F)
False
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If more foreign auto plants relocate to the United States, we would expect
A) the U.S. supply curve for automobiles to shift to the right. B) the U.S. supply curve for automobiles would shift to the left. C) that the U.S. auto market would not respond. D) that U.S. auto demand might change, but U.S. auto supply would remain static.
Which of the following items is likely to have the highest positive income elasticity of demand?
a. Bread b. Jewelry c. Soap d. A plumber's service e. Table salt
Under majority rule, the order in which items are voted on is
a. unimportant, and this is a lesson of the Condorcet paradox. b. unimportant, and this is a lesson of Arrow's impossibility theorem. c. important, and this is a lesson of the Condorcet paradox. d. important, and this is a lesson of Arrow's impossibility theorem.
Over the past three decades, the United States has
a. generally had, or been very near to a trade balance. b. had trade deficits in about as many years as it has trade surpluses. c. persistently had a trade deficit. d. persistently had a trade surplus.