If there is an inverse relationship between two variables, the graph of this relationship
A) will be a horizontal line.
B) will be downward-sloping.
C) might be horizontal.
D) will be upward-sloping.
B
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The establishment of a government redistributive program such as price supports creates _____
a. higher consumer consumption b. above-normal annual profits c. a transitional gain d. independency among recipients
Of the following groups, which benefits most from a government price support program that establishes a floor price for an agricultural product that is higher than the product's market clearing price?
A) consumers, who purchase more units of the product than they did before the price support program was implemented B) taxpayers, who no longer must provide funds to purchase surplus units of the product once the price support program is in place C) producers, who earn a higher price on the sale of each unit and also sell more units, thereby unambiguously earning higher revenues D) the government, which receives subsidy payments from producers that are required to sell more of the product at a higher price under the government's program
The prisoner's dilemma is a game of strategy:
A. in which people make rational choices that lead to a less-than-ideal result for all. B. in which people make rational choices that lead to the ideal result for all. C. that leads everyone to be as well off as possible without making another worse off. D. that leads people to make irrational choices that lead to the ideal result for all.
In an economy without government or trade, it must be true that:
A. savings equals investment. B. consumption plus investment equal national savings. C. consumption plus savings equal investment. D. consumption equals savings plus investment.