Which of the following is an example of correlation?
a. Estella put on the new shoes, and then she walked around to see how they fit.
b. As Henrietta turned on the stove, the clock chimed.
c. After Estella paid $40 for the shoes, the clerk gave her a receipt.
d. Henrietta turned on a burner under a tea kettle, and the fire came on.
b. As Henrietta turned on the stove, the clock chimed.
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To enter a local cable television market, a firm needs a license from the city government. This is an example of
A) a natural monopoly. B) the government maintaining consistent standards in the broadcast industry. C) a government-imposed barrier. D) occupational licensing.
The Consumer Price Index (CPI) measures
A) the prices of a few consumer goods and services. B) the prices of those consumer goods and services that increased in price. C) the average of the prices paid by urban consumers for a fixed market basket of goods and services. D) consumer confidence in the economy. E) the average of the costs paid by businesses to produce a fixed market basket of consumer goods and services.
What is meant by empiricism? How do empiricists use hypotheses?
What will be an ideal response?
A price floor would be established in cases where the government believed the market equilibrium price would:
a. result in a surplus. b. be too high. c. result in a shortage. d. be too low. e. yield excess profits.