Explain the difference between correlation and causation
What will be an ideal response?
Correlation refers to two or more events happening at the same time. Causation refers to one event being caused by another event.
You might also like to view...
Assume that, given factors of production and existing knowledge and technology, it is not possible to produce more of one good without foregoing the opportunity to produce some of another good. Economists would characterize this situation as: a. inefficient
b. efficient. c. due to unemployment. d. a point outside the production possibilities frontier.
A commonly-used gauge of poverty is the
a. income inequality rate. b. average income rate. c. poverty rate. d. social inequality rate.
Which of the following is not an example of efficiency wages?
a. More productive workers are paid more to reflect their higher output. b. Higher wages induce higher output from workers. c. Better quality applicants apply for jobs that pay above-equilibrium wages. d. Workers are less likely to leave jobs that pay above-equilibrium wages.
Product differentiation
A) may allow firms to price above a competitive level. B) generates value as consumers value more choices. C) depends on perceived differences between products. D) All of the above.