Suppose y is measured on the vertical axis, x is on the horizontal axis, and the various combinations of x and y are shown by a nonvertical straight line. Which of the following must be true?
a. There is a negative relation between x and y.
b. There is a positive relation between x and y.
c. There is a causal relation between x and y.
d. If the value of x is known, the value of y can be determined.
e. The value of y is independent of the value of x.
D
Economics
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The nominal gross domestic product (GDP) for a country was $1,000 in 2003 and $1,500 in 2004 . The GDP price index was 100 in 2003 and 150 in 2004 . Between 2003 and 2004, real GDP _____
a. increased by $500 b. increased by $333 c. increased by $50 d. remained the same e. decreased by $50
Economics
One reason for the short-run aggregate supply curve (SRAS) is:
a. fixed-wage contracts. b. perfect knowledge of workers. c. the upward-sloping production function. d. a fixed CPI market basket.
Economics