Statistical correlation always implies causation.
Answer the following statement true (T) or false (F)
False
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The working-age population of people over the age of 16 can be divided into two groups, people
A) in the labor force and people looking for work. B) with a job and people actively seeking a job. C) looking for work and those in the U.S. Armed Forces. D) in the labor force and people with a job. E) in the labor force and people who are not in the labor force.
If insurance is fairly priced, a risk-averse individual will purchase enough insurance to cover the full amount of the possible loss
Indicate whether the statement is true or false
When OPEC raised the price of crude oil in the 1970s, it caused the United States'
a. nonbinding price floor on gasoline to become binding. b. binding price floor on gasoline to become nonbinding. c. nonbinding price ceiling on gasoline to become binding. d. binding price ceiling on gasoline to become nonbinding.
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.