A low correlation coefficient implies that
A) the line always has a flat slope
B) in the scatterplot, the points fall quite far away from the line
C) the two variables are unrelated
D) you should use a tighter scale of the vertical and horizontal axis to bring the observations closer to the line
Answer: B
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Refer to Figure 10.1. The minimum feasible price is ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
Adverse selection is
a. when people act differently because they are insured b. when more risk averse people want to be insured more c. when people at greater risk want to be insured more d. when your guess at a test question is wrong
If the demand for software engineers ____ slower than does supply, wages of software engineers will ____
a. increases; remain constant b. increases, rise c. increases; fall d. decreases; fall
The issue of fairness versus efficiency arises
a. only in a command economy. b. only in a market economy. c. in neither a command nor a market economy. d. in both a command and a market economy.