Two variables that are inversely related tend to move in opposite directions
a. True
b. False
Indicate whether the statement is true or false
True
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Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market then
A) imports will increase, the price will fall, and the quantity supplied will fall. B) exports will increase, the price will be unchanged, and the quantity supplied will increase. C) imports will increase, the price will decrease, and the supply curve will shift to the left. D) the quantity demanded will decrease, the quantity supplied will decrease, and the price will decrease.
The first economist to systematically analyze market failure was
A) Adam Smith. B) J. E. Meade. C) Ronald Coase. D) A. C. Pigou.
If a plaintiff believes there is a 30 percent chance they will win $200,000, a 40 percent chance they will win 100,000, and a 30 percent chance they will win nothing (zero), and the litigation cost is $50,000, what is the expected value of the litigation for the plaintiff?
A) $50,000 B) $100,000 C) $60,000 D) $125,000
How many directors are on the boards for each of the 12 Federal Reserve banks?
(A) 12 (B) 7 (C) 15 (D) 9