What is an inverse relationship
Briefly explain the use of graphs as a way to present economic relationships. What is an inverse relationship?
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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.
Adam Smith would have agreed mostly along with the concept which wages are: (i) positively associated to physical comfort when working. (ii) negatively related to the cost of learning the business. (iii) positively associated to the s
If one decisionmaker in interdependent circumstances calibrates its decisions to the anticipated reactions of the other party, in that case the decisionmaker is engaged within: (1) psychological forecasting. (2) profit maximization. (3) collusion. (4) strategic behavi
When turkey is $1 per pound and the relative price of ham to turkey is 2, in that case a pound of ham costs: (i) 50 cents. (ii) 1/2 pound of turkey. (iii) 2 pounds of turkey. (v) 12 pesetas. (iv) 5 euros. How can I
Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.
Conception of the “Invisible Hand” by Adam Smith relies on mechanisms like those as underpin: (1) William Stanley Jevons’ “sunspot” theory of business cycles. (2) the biological concept of Homeostasis. (3
Give a brief introduction of the term Risk Principle?
The competitive market system is least probable to be allocatively unproductive as a result of: (w) externalities and public goods. (x) cutthroat competition and the outsourcing of low-wage jobs to less grown countries. (y) the underproduction of a go
What are the 2 definitions of economics growth?
Explain the cause of Trade barriers?
Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?
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