Define Dependent and independent variables
Define Dependent and independent variables?
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While influential Economists that are often interested which variable are the “cause” and which the “effect” is when two variables appear to be related.
In applying the rule Mathematicians are always consistent that the independent variable or “cause” is placed on the horizontal axis and the dependent variable or outcome (effect) is placed on the vertical axis.
Economists are traditionally as well as less tidy those have put price and cost data on the vertical axis.
Opposite interactions are downward sloping to the right and direct relationships are upward sloping to the right regardless of which variable is placed on the horizontal or vertical axis.
While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value
Suppose you go to a recycling center and are paid 25 cents per pound for your aluminum cans. However, the recycler charges you $.20 per bundle to accept your old newspapers.
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The major implication of Adam Smith’s conception of an “invisible hand” was such that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most
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Illustrate Qualification in International Trade?
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