There is a negative relationship between two variables if:
A. they move in opposite directions.
B. they move in the same direction.
C. one variable changes and the other does not.
D. neither variable moves.
Answer: A
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According to Gary Libecap and Ronald Johnson, which of the following was a positive outcome of fraudulently obtaining land by larger firms?
a. Fines charged to fraudulent companies provided substantial revenues for the federal government. b. Resources were transferred to companies that could take advantage of economies of scale. c. Conflicts between farmers and railroads were reduced. d. Legislators friendly to economic development were elected because of backing from the fraudulent companies.
During an inflationary period, those most likely to suffer reduced wealth are those who are holding their wealth in: a. gold
b. real estate. c. currency. d. stocks.
Mutual interdependence applies to actions of
a. monopolistic competitors b. oligopolists c. perfect competitors d. monopolists and oligopolists e. only oligopolist firms operating in different industries
Predicting the future is very difficult to do. Which of the following is not a reason for this difficulty?
a. Economists often use historic trends to predict the future, but these historic trends rarely stay the same. b. Economists often use historic interrelationships to predict the future, but these interrelationship trends rarely stay the same. c. A very broad range and combination of economic variables can influence the economic activity. d. Economists often use major historic shocks (such as energy crises) to predict the future, but these major shocks occur irregularly.