There is a negative relationship between two variables if:
A. they move in opposite directions.
B. they move in the same direction.
C. one variable changes and the other does not.
D. neither variable moves.
Answer: A
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If Best Dogs only sells their hot dogs in packages of eight, all of the following are true except which one?
A) Best Dogs is changing consumer surplus into profit. B) Best Dogs is practicing commodity bundling. C) Best Dogs is using an all-or-nothing pricing scheme. D) Best Dogs has market power.
Which of the following is not true with regard to economic profit?
a. economic profit equals total revenue minus total cost b. economic profit excludes implicit cost c. economic profit is any profit greater than a normal profit d. firms attempt to maximize economic profit e. long-run economic profit is always zero in perfect competition
Which of the following is most likely to be an example of economies of scale?
A. The per-unit costs on Excel Publishing Company's manuals fall because it adopted a new technology after receiving a large order from the government. B. Widget Manufacturing doubled its production by opening a new plant that was identical to its old plant. C. The XYZ Co. increased production 25 percent after a 30 percent increase in all inputs. D. Alpha-Beta Inc. raised its price by 10 percent after a 5 percent increase in production costs.
Holding other factors constant, if growing concerns about job security raise precautionary saving, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. increase; increase B. decrease; decrease C. decrease; increase D. increase; decrease