Explain the concept of causation with the help of a simple real-life example
What will be an ideal response?
Causation is a relationship between two events or states, such that one brings about a change in the other. In short, it explains the cause and effect relationship between two variables or events. For example, people who go to college learn skills that are valuable to prospective employers. So a college degree causes someone's wages to rise.
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The slope of the line shown in the above figure is
A) 2. B) 0.75. C) 0.25. D) 1 1/3.
The key characteristic of an oligopolistic market is:
A) production of a homogeneous product. B) mutual interdependence among firms in the market. C) the absence of market power by any one firm. D) ease of entry into, and exit out of, the market.
Suppose the following information describes the economy:Consumption8,000Investment1,000Government purchases1,000Net exports0Government transfers and interest payments500Government tax collections1,700 Private saving equals ________; public saving equals ________; national saving equals ________.
A. 1,500; 700; 2,700 B. 1,000; 800; 1,000 C. 800; 200; 1,000 D. 800; 200; 600
The long-run aggregate supply curve shows
A. the total amount of planned production for an economy. B. the various quantities of goods consumers will purchase. C. what an economy can produce if resource prices are constant. D. that real GDP can only increase when the price level increases.