When Economists Use the Term 'Correlation',they Are Referring to

question 245

Multiple Choice

When economists use the term 'correlation',they are referring to

• A)economic policy.
• B)cause and effect relationships between variables.
• C)normative economics.
• D)positive economics.
• E)how two variables move together in a predictable way.

---

Definitions:

Cartel

An association of independent businesses organized to control production, pricing, and marketing of goods to limit competition.

Competitors

Entities or firms in the same industry or market that offer similar goods or services to consumers.

Herfindahl-Hirschman Index

A measure of market concentration used to determine the level of competition within an industry, calculated by summing the squares of the market shares of each firm within the sector.

Industry

Refers to the production of goods or services within an economy, categorized into sectors such as manufacturing, services, and agriculture.