THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Consider the following values of variables x and y:
-What does a scatter diagram tell you about the relationship between x and y using the given data points?
Definitions:
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, due to the scale of operation increasing.
Opportunity Cost
The abandonment of potential improvements from other possibilities once one choice is made.
Absolute Advantage
A country's ability to produce a good more efficiently than other countries, requiring fewer resources for the same output.
Autarky
National self-sufficiency; no economic interaction with foreigners.
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