An inverse relationship exists when:
A. there is no association between two variables.
B. one variable increases and there is no change in the other variable.
C. one variable increases and the other variable increases.
D. one variable increases and the other variable decreases.
Answer: D
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Fill in the blank: Demanded services are ________ services
A) instructive B) deductive C) productive D) inductive
Which of the following would not cause the consumption-income line to shift upward?
a. An increase in income b. An increase in autonomous consumption c. A decrease in the interest rate d. Greater optimism about economic conditions e. An increase in household wealth
Suppose the current account shows debits of $5.3 billion and credits of $4.7 billion. The current account balance is ________, and the financial account balance is ________.
A. +$0.6 billion; -$0.6 billion B. -$0.6 billion; -$0.6 billion C. +$0.6 billion; +$0.6 billion D. -$0.6 billion; +$0.6 billion
Suppose the equilibrium price in a perfectly competitive industry is $100 and a firm in the industry charges $112 . Which of the following will happen?
a. The firm will not sell any of its output. b. The firm will sell more output than its competitors. c. The firm's profits will increase. d. The firm's revenue will increase. e. The firm will gradually take over the entire industry.