Answer the following statements true (T) or false (F)
1. A linear relationship only refers to one whose graph is either vertical or horizontal.
2. In graphing a relationship between two variables, economists always follow the mathematical convention. Thus, if price is the independent variable then it is measured on the horizontal axis.
3. An assumption is usually made in a two-axes (or two-dimensional) graph that, aside from the two variables under study, the influence of all other variables or factors is assumed to be constant.
4. The slope of a graph measures the rate of change in one variable as the other variable changes.
1. Answer: False
2. Answer: False
3. Answer: True
4. Answer: True
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Perishable goods such as milk or fruit are never used as money, because they cannot function as a
A) store of value. B) unit of accounting. C) standard of deferred payment. D) medium of exchange.
OPEC, the Organization of Petroleum Exporting Countries, was formed in Baghdad in 1960. Since its formation, this cartel has suffered from a major problem with respect to the quota (limit) of output it assigns each member nation
What is OPEC's goal and what sort of quota do you think the cartel assigns? How and why do nations cheat on their quota? What happens when a nation cheats on its quota?