Answer the following statements true (T) or false (F)
1. When somebody buys an insurance policy, that person is seeking to transfer risk away from herself and pass it on to the insurance company.
2. The law of demand states that if price increases, other things being equal, the demand for the product will decrease.
3. "Price" in the statement of the Law of Demand refers to the same concept as the cost of producing the product.
4. When a fruit or vegetable (such as strawberries or lentils) is in season, the demand for it will increase as it becomes cheaper.
1. TRUE
2. FALSE
3. FALSE
4. FALSE
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A time series graph reveals whether there is a ________ , which represents ________
A) trends in two variables; unrelated variables B) relationship between two variables; a trend in a variable C) cross-section relationship; a general tendency for the variables to rise or fall D) trend in a variable; a general tendency for the variable to rise or fall E) relationship between two variables; a cross-section relationship
Typically, a country's population is divided into how many income groups to find a Lorenz Curve?
a. 1 or 2. b. 5 or 10. c. 10 or 20. d. 25 or 50. e. 100.