Give an example of a pair of variables that have a positive correlation, a pair of variables that have a negative correlation, and a pair of variables that have zero correlation
What will be an ideal response?
A person's IQ and his or her telephone number are likely to show zero correlation. The number of winter coats sold and the temperature outside are likely to show a negative correlation. The quantity of fertilizers used and crop yield (e.g., the number of bushels of wheat grown per acre) are likely to have a positive correlation.
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According to the Bureau of Labor Statistics, the time spent working on days worked is
A) longer for men than it is for women. B) longer for women than it is for men. C) roughly equal for all men and women. D) roughly equal for men and women closer to age 45, but longer for women closer to retirement age than for men closer to retirement age.
With a partial trade agreement
A) goods and services are allowed to cross boundaries without tariffs. B) two or more countries agree to liberalize trade in a selected group of categories. C) two or more countries set common tariffs toward non-members. D) two or more countries allow the free mobility of inputs such as labor and capital. E) two or more countries agree on establishing a common currency.
An increase in both supply and demand causes which of the following?
a. Equilibrium price falls. b. Equilibrium price rises. c. Equilibrium price change is indeterminate. d. Equilibrium quantity decreases. e. Equilibrium quantity change is indeterminate.
A price floor is a legal minimum on the price at which a good or service can be sold
a. True b. False Indicate whether the statement is true or false