Exhibit 1A-3 Straight line
Straight line AB in Exhibit 1A-3 is a downward sloping line illustrating:
A. a direct relationship between X and Y.
B. an inverse relationship between X and Y.
C. X and Y are unrelated variables.
D. the ceteris paribus assumption.
Answer: B
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Refer to Table 20-4. Assume the market basket for the consumer price index has two products—meat and potatoes—with the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A) 125. B) 129. C) 135. D) 141.
The Fisher index
A) uses the arithmetic mean of the Paasche index and the Laspeyres index. B) uses the standard deviation of the Paasche index and the Laspeyres index. C) uses the geometric mean of the Paasche index and the Laspeyres index. D) uses the harmonic mean of the Paasche index and the Laspeyres index.
The amount by which total utility rises when an additional unit of a good is consumed is called:
a. average utility b. the law of diminishing returns c. incremental utility d. marginal utility
Explain the three options for setting standards in trade rules
What will be an ideal response?