Explain the difference between correlation and causation
What will be an ideal response?
Correlation refers to two or more events happening at the same time. Causation refers to one event being caused by another event.
Economics
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Suppose the marginal propensity to consume is 0.80 and equilibrium GDP resulting from a change in investment spending falls by -$500 billion. What must have been the initial change in investment spending
a. $100 billion b. -$100 billion c. $500 billion d. -$500 billion e. -$400 billion
Economics
Compare and contrast the effects of a quota and a tariff on imports. Be sure to include both short-run and long-run effects in your answer.
What will be an ideal response?
Economics