Suppose when the price of laptops fall, college students buy more laptops. This implies that
A) there is a one-to-one relationship between laptop prices and quantities purchased by college students.
B) there is a direct relationship between laptop prices and quantities purchased by college students.
C) there is a negative relationship between laptop prices and quantities purchased by college students.
D) there is a positive relationship between laptop prices and quantities purchased by college students.
C
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In a one-period economy
A) consumption equals disposable income. B) consumption equals disposable income plus the value of non-market work. C) savings is always positive. D) consumers may increase their consumption by borrowing.
The presence of association between two variables does not necessarily imply causation for the following reason(s):
a. the association between two variables may result simply from pure chance b. the association between two variables may be the result of the influence of a third common factor c. both variables may be the cause and the effect at the same time d. a and b e. a, b, and c