Which of the following statements identifies a difference between correlation and causation?
A) Correlation occurs when one thing directly affects another, whereas causation implies a mutual relationship between two things.
B) Causation cannot arise when correlation is present, and correlation cannot arise when causation is present.
C) Correlation implies a mutual relationship between two things, whereas causation occurs when one thing directly affects another.
D) A causal relationship exists between two variables when they are correlated, but correlation does not necessarily exist if there's a causal relationship between two variables.
C
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The Tokyo Round of the GATT negotiations was notable because it was the first round
A) that included Japan. B) that included textiles and apparel. C) to begin establishing rules on subsidies. D) to begin discussions of exchange rates. E) to limit the tariffs of the United States.
A consumer values a car at $30,000 and a producer values the same car at $20,000 . The transaction will not take place if a tax is imposed
a. equal to the seller surplus b. smaller than the total surplus c. larger than the total surplus d. smaller than the buyer surplus