As the price of home heating oil rises, families buy less home heating oil. Hence a scatter diagram with the price of home heating oil on the vertical axis and the quantity purchased on the horizontal axis reveals a ________ relationshi
A) time-series
B) linear
C) negative
D) positive
E) cross-sectional
C
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When Gabriel made a rational choice to spend his entire allowance on candy bars, he did so by comparing the
A) benefits of the candy bars to the desires he had for the candy bars. B) marginal benefits of the candy bars to the marginal costs of the candy bars. C) opportunity costs of the candy bars to the scarcity of the candy bars. D) benefits of the candy bars to the scarcity candy bars. E) self-interest to the social interest.
Under the gold standard, when a nation had a deficit in its balance of payments,
A) interest rates would rise which would reduce foreign investment. B) interest rates would fall which would increase foreign investment. C) gold would flow to foreign residents and the domestic money supply would decrease. D) gold would flow into the country leading to an increase in the domestic money supply.
What is the term for the contract that maximizes the principal's payoff subject to the constraint that the principal lacks the agent's private information?
a. First best b. Second best c. Third best d. Pareto optimum
Answer the following questions true (T) or false (F)
1. The key to sustained economic growth is increasing labor productivity. 2. Market economies tend to grow more quickly than centrally-planned economies. 3. Economic growth depends more on technological change than on increases on capital per hour worked.