A relationship between two events where one event occurring brings about the other is described best as:
A. a trend.
B. a pattern.
C. correlation.
D. causation.
Answer: D
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If Project X has a cost of $6 and provides a benefit of $10, and Project Y has a cost of $25 and provides a benefit of $27, which of the following statements is true?
A) An individual can optimize by choosing Project X. B) An individual can optimize by choosing Project Y. C) Switching from Project X to Project Y increases net benefit by $2. D) Switching from Project Y to Project X decreases net benefit by $2.
If a good has a negative income elasticity of demand, this indicates that the good is
A) normal. B) a substitute with another good. C) inferior. D) a complement with another good.
Wal-Mart was one of the most successful firms of the 1970s and 1980s. Much of Wal-Mart's success can be credited to its expansion strategy: they rushed to open the first discount store in small towns that could only support one discount store. In the language of game theory:
A) Wal-Mart was a dominant firm. B) Wal-Mart made empty threats. C) Wal-Mart employed a maximin strategy. D) Wal-Mart employed a preemptive strategy.
The law of comparative advantage suggests that
What will be an ideal response?