Positive correlation between x and y implies that
A) when x is high, y is high.
B) when x is high, y is low.
C) when x is zero, y is positive.
D) x and y are positively unrelated.
A
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Price elasticity of supply is always
A) positive because of the law of supply.
B) negative because of the law of supply.
C) positive because of diminishing marginal utility.
D) negative because percentages can only be negative.
If citizens expect to bear more of the burden for their own health care and retirement costs in the future, then we would expect their:
A. supply of loanable funds further right than it would otherwise be. B. supply of loanable funds further left than it would otherwise be. C. demand for loanable funds further left than it would otherwise be. D. demand for loanable funds further right than it would otherwise be.
Local governments provide law enforcement, which benefits society, but if the costs of law enforcement exceed the benefits, the result is a situation of
A. Market failure. B. Government failure. C. Public choice theory. D. Efficiency as long as there is some benefit.
Last year the price of corn was $3 a bushel and the quantity of corn demanded was 10 million bushels. This year the price of corn was $4.00 a bushel and the quantity demanded was 9 million bushels. Is this evidence that law of demand does not apply to
corn? A. Yes, because there is a direct relationship between the price of corn and the quantity supplied B. Yes, because there is an inverse relationship between the price of corn and the quantity demanded C. No, because the other-things-equal assumption was violated over the two year period D. No, because the evidence indicates that there is a shortage of corn