Which of the following is not a way we sometimes confuse correlation and causation?
A. Correlation without causation
B. Omitted variables
C. Reverse causality
D. Non-linear relationships
D. Non-linear relationships
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If the selling price of a firm's product is $500 and the estimated average cost of producing this product is $400, what is the firm's markup?
A) 15 percent B) 20 percent C) 25 percent D) 40 percent
The story in the text about playing tennis outside even though you paid for an inside court illustrates which of the following?
A. Rational choice analysis is what comes naturally to most people. B. Psychologically, people often do not treat sunk cost as irrelevant to a decision. C. People will make efficient decisions without knowing what they are doing. D. All of these are implied by the tennis court story.
?_______ sets the rules and regulates and influences the activities of banks and other institutions.
A. The Bank of America B. The International Monetary Fund C. Congress D. The Federal Reserve
The cross price elasticity for coffee for a change in the price of tea is likely to be
A. negative but less negative than -1. B. zero. C. positive. D. negative and more negative than -1.