Suppose That the Price of a Substitute for Wheat Increases

question 86

Multiple Choice

Suppose that the price of a substitute for wheat increases. At the same time, the cost of resources used in producing wheat falls. The likely results in the wheat market would be:

• A) a decrease in the equilibrium price of wheat, but the effect on the quantity of wheat exchanged cannot be determined.
• B) an increase in the equilibrium quantity of wheat exchanged, but the effect on price of wheat cannot be determined.
• C) an increase in the equilibrium price of wheat, but the effect on the quantity of wheat exchanged cannot be determined.
• D) an increase in both the equilibrium price and quantity of wheat exchanged.

Identify the different models of attitudes proposed over time.

Distinguish between the three-component and two-component models of attitude.

Understand the basis of balance theory in attitude consistency.

Grasp the significance of automatic judgements and implicit measures in attitudes.

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Definitions:

Pearson Correlation

A measure of the linear correlation between two variables, giving a value between -1 and 1 which indicates the direction and strength of the relationship.

Null Hypothesis

A statement used in statistics that suggests no effect or no difference; it is the hypothesis that researchers typically aim to nullify or disprove.

Precipitation

Any type of water, whether in liquid or solid state, that descends from the atmosphere, encompassing rain, snow, sleet, and hail.

Significance Level

The threshold below which a null hypothesis is rejected in statistical testing, typically denoted as alpha (α).