Exhibit 1A-3 Straight line
Straight line AB in Exhibit 1A-3 is a downward sloping line illustrating:
A. a direct relationship between X and Y.
B. an inverse relationship between X and Y.
C. X and Y are unrelated variables.
D. the ceteris paribus assumption.
Answer: B
Economics
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When an economist talks of scarcity, the economist is referring to the
A) ability of society to employ all of its resources. B) ability of society to consume all that it produces. C) inability of society to satisfy all human wants because of limited resources. D) ability of society to continually make technological breakthroughs and increase production.
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Which type of statement - positive or negative - can be evaluated by analyzing data alone?
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