Which of the following is most likely to represent causality rather than association?
a. In years that fashion dictates wider lapels on men's jackets, the stock market grows by at least 5 percent.
b. Interest rates are higher in years ending with a 1 or a 6.
c. Unemployment falls when the AFC champion wins the Super Bowl.
d. Quantity demanded goes up when price falls because lower prices increase consumer purchasing power, ceteris paribus.
d
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Individuals derive utility from picnics, p, and kayak trips, k. Assuming that an individual's utility is U(p,k) = k0.5p0.5 and income is $100, what is the marginal rate of substitution (MRS) between picnics and kayak trips?
A) MRS = 1. B) MRS = -1. C) MRS = - D) There is no substitution because picnics and kayak trips are perfect complements.
More education guarantees a higher income and escaping poverty
Indicate whether the statement is true or false