A relationship between two variables in which one variable increases at the same time that the other increases is called
A) nonlinear.
B) constant.
C) inverse.
D) direct.
Answer: D
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The above figure shows the isoquants for the production of steel. In which regions of production are there increasing, decreasing, and constant returns to scale?
What will be an ideal response?
Which of the following is not a characteristic of the structure of perfectly competitive markets?
A. Each individual firm is small in size relative to the overall market. B. Few sellers. C. Homogeneous product. D. Easy, low cost entry and exit.
Suppose that a new study is released stating that consumption of orange juice (a substitute for apple juice) reduces the risk of cancer, and a major freeze destroys half of the country's apple crop. What happens to the price and quantity of apple juice?
A. The price of apple juice might rise or fall and the quantity of apple juice falls. B. The price of apple juice might rise or fall and the quantity of apple juice rises. C. The price of apple juice falls and the quantity of apple juice falls. D. The quantity of apple juice might rise or fall, and the price of apple juice rises.
After ________, you are left with taxable income.
A. adding all deductions and exemptions to total income B. deducting all of your yearly expenses from the income you received C. subtracting all deductions and exemptions from total income D. paying income taxes