________ is a problem that occurs when one concludes that a change in variable X caused a change in variable Y when in actual fact, it is a change in variable Y that caused a change in variable X
A) Reverse causality B) The positive-to-negative relationship
C) Nonlinear slope D) The omitted variable
A
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Exchange rates
a. are always fixed b. fluctuate to equate the quantity of foreign exchange demanded with the quantity supplied c. fluctuate to equate imports and exports d. fluctuate to equate interest rates in various countries e. fluctuate according to agreements between the governments of various countries
Economies of scale are indicated by:
A. the rising segment of the average variable cost curve. B. the difference between total revenue and total cost. C. the declining segment of the long-run average total cost curve. D. a rising marginal cost curve.
In a market economy, the government's power to coerce can:
A. undermine economic efficiency by increasing private-sector risk. B. improve economic efficiency by directing all resources to their most valued uses. C. reduce private-sector risk and increase economic efficiency. D. cause significant negative externalities.
Bacon is used to produce bacon cheeseburgers, and the price of bacon decreases. In the market for bacon cheeseburgers you would expect that
A. the supply of bacon cheeseburgers would decrease and the price of bacon cheeseburgers would increase. B. the demand for bacon cheeseburgers would decrease and the price of bacon cheeseburgers would fall. C. the supply of bacon cheeseburgers would increase and the price of bacon cheeseburgers would decrease. D. the demand for bacon cheeseburgers would increase and the price of bacon cheeseburgers would increase.