A direct relationship occurs when
A) the two variables being compared change in opposite directions, or when one goes up the other goes down.
B) a change in one of the variables causes a change in the other variable in any direction.
C) the two variables being compared change in the same direction, or when one goes up the other also goes up.
D) the two variables have no identifiable relationship with each other.
Answer: C
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Suppose the market for potatoes can be expressed as follows:
Supply: QS = -20 + 10p Demand: QD = 400 - 20p If the government sets a maximum price of $10 per unit, what will be the quantity demanded and quantity supplied?
Oligopolists almost always cooperate in making price and output decisions
a. True b. False Indicate whether the statement is true or false
Ivan’s country was recently involved in a major civil war, and many of the nation’s natural resources were damaged or destroyed. How will this impact its production possibilities curve?
a. It will shift inward. b. It will be unaltered. c. It will shift outward. d. It will rise, then fall.
Which of the following observations concerning GDP calculations is true?
A. Goods and services produced by governments are valued at market price. B. Inventories are treated as if they are yet to be sold. C. Goods produced but not sold during the year are counted in that year’s GDP. D. Goods that firms add to their inventories do not count in the GDP.