Since There Is a Limited Supply of Diamonds in the World

question 37

Multiple Choice

Since there is a limited supply of diamonds in the world, the consumption of diamonds

• A) takes place at relatively high marginal value.
• B) takes place at relatively low marginal value.
• C) takes priority over some other good.
• D) is no less important than consumption of water.
• E) should be regulated by the government.

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Definitions:

Pearson Coefficient

A statistic that quantifies the linear relationship between two datasets, reflecting the degree to which they move together.

Gas Mileage

A measure of a vehicle's fuel efficiency, usually expressed in miles per gallon (mpg) or kilometers per liter (km/l).

Truck Speed

The rate at which a truck moves, usually measured in miles per hour or kilometers per hour.

Pearson Correlation Coefficient

A measure of the linear correlation between two variables X and Y, giving a value between +1 and -1, where 1 is total positive linear correlation, 0 is no linear correlation, and -1 is total negative linear correlation.