"Correlation" is a measure of how one variable causes another to change
a. True
b. False
Indicate whether the statement is true or false
False
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All else equal, as the price of oil rises, potential profits from producing oil ________ which ________ oil companies to look for additional sources of oil
A) increase; encourages B) increase; discourages C) decrease; encourages D) decrease; discourages
When negative externalities are connected with the production of a good,
A. market output will be greater than the socially optimal output. B. private costs and social costs are equal. C. the government should subsidize the production of the good. D. there will be a shortage of the good.
Fixed costs stay the same even as the output level of the firm changes
Indicate whether the statement is true or false
A minimum wage set above the equilibrium wage rate ______.
Fill in the blank(s) with the appropriate word(s).