On the horizontal axis of a graph, generally
A) values increase from left to right.
B) values increase from right to left.
C) values can be positive and/or negative.
D) Both answers A and C are correct.
D
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If variable x always increases when variable y decreases, x and y are said to be
A) positively related. B) negatively related. C) unrelated. D) trend related.
An exchange rate is
A) the price of one currency in terms of another. B) the monetary value of goods and services exchanged for imports. C) the amount of gold a currency will buy. D) All of the above.
When a firm charges each customer the maximum price that the customer is willing to pay, the firm
A) engages in a discrete pricing strategy. B) charges the average reservation price. C) engages in second-degree price discrimination. D) engages in first-degree price discrimination.
The income elasticity of demand is equal to the percentage change in income divided by the percentage change in quantity demanded
a. True b. False Indicate whether the statement is true or false