What is an inverse relationship
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
Expert
Graphs can be used to illustrate the relationship between two sets of data. When 2 variables change in opposite directions it is said to be an inverse relationship. The slope of line is decreasing. When 2 variables transform in the same direction it is said to be direct relationship. The slope of line is increasing. Statements illustrate direct relationships. Statement illustrates an inverse relationship. It assumes that everything remains equal in inverse relationship.
What was rightward shift of PPC point out? Answer: It points out growth of the resources.
Briefly describe Net income approach? Named who recommended this theory?
XY School District has a large number of students in need of remedial instruction. The superintendent of XY School System can allocated her budget between purchasing X units of remedial instruction at a price of $2,000/unit and spending an amount ($Y) on all other sch
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (
Normal resident: The persons or an institution who lives in a country and whose centre of interest lies in that country is termed as a normal resident of that country.
You may use a calculator and MINITAB to conduct the necessary calculations for all questions. Analysis of US GDP and GDP growth rate (1959-2004). The following variables can be retrieved from MIN
“The legal form an enterprise assumes is dictated primarily by the financial requirements of its particular line of production.” Do you agree?
Describe GDP gap and Okun’s Law?
Briefly explain how the competitive market economy will make the needed adjustments to reestablish an efficient allocation of society’s scarce resources?
This is difficult for firms within highly competitive markets to exploit consumers since: (i) consumer advocates organize boycotts that generate bad publicity. (ii) market pressures force fair distributions of products. (iii) the government sets price
18,76,764
1931517 Asked
3,689
Active Tutors
1426041
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!