“Correlation” is a measure of how one variable causes another to change.
Answer the following statement true (T) or false (F)
False
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When Keynes famously said, "In the long run we are all dead", he was trying to make the point that:
A. economic downturns are unavoidable. B. economic downturns will not end unless the government increases spending. C. the short-run impacts of government policies matter. D. the government's response to economic downturns is unimportant.
A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demanded. What does this indicate?
a. Elasticity of demand for potato chips is 3. b. Cross-price elasticity of demand for soda is -3. c. Elasticity of demand for potato chips is 3. d. Elasticity of demand for soda 3.
If the exchange rate is 60 Indian rupees per dollar and a bushel of rice costs 200 rupees in India and $3 in the U.S., then the real exchange rate is
a. greater than one and arbitrageurs could profit by buying rice in the U.S. and selling it in India. b. greater than one and arbitrageurs could profit by buying rice in India and selling it in the U.S.. c. less than one and arbitrageurs could profit by buying rice in the U.S. and selling it in India. d. less than one and arbitrageurs could profit by buying rice in India and selling it in the U.S..
What might cause a decrease in current supply of a product?
A. An increase in the product's own price B. A decrease in the price of one of the inputs used to make the product C. New information that leads sellers to believe that the product's price will fall in the future D. New information that leads sellers to believe that the product's price will rise in the future