A scatter diagram with the price of peanut butter on the vertical axis and the price of jelly on the horizontal axis shows a negative relationshi
A) negative relationship, also called a direct relationshi
B
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Refer to Figure 9-2. With the tariff in place, the United States
A) imports 16 million pounds of rice. B) imports 15 million pounds of rice. C) imports 9 million pounds of rice. D) exports 31 million pounds of rice.
If a 10 percent increase in price causes a 5 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.
Suppose you were competing in a sealed-bid, second-price auction for a Vermeer painting, which you happen to value at $100,000 . What bid should you submit?
a. Exactly $100,000 b. Somewhat lower than $100,000 depending on the number of other bidders c. Somewhat higher than $100,000 depending on the number of other bidders d. Cannot say which of a, b, or c is right without further information
If the price of inputs rises and personal income taxes rise:
a. Price index rises, and the change in real GDP is uncertain. b. Price index falls, and real GDP rises. c. Price index falls, and real GDP falls. d. Price index falls, and the change in real GDP is uncertain. e. The change in price index is uncertain, and real GDP falls.