If There Is a Relationship Between Amount of Coffee Consumed

question 19

Multiple Choice

If there is a relationship between amount of coffee consumed daily and number of hours slept, such that people who drink a lot of coffee tend to sleep very little (and people who drink little coffee tend to sleep a lot) , what correlation exists between coffee consumption and sleep?

• A)negative correlation
• B)positive correlation
• C)decreasing correlation
• D)increasing correlation

Assess the impact of trade on the distribution of income within countries (wages and rents).

Understand the function and purpose of trade barriers and their impact on international trade.

Grasp the significance of the World Trade Organization (WTO) in overseeing global trade agreements.

Evaluate the effects of trade policies on economic welfare, including producer and consumer surplus.

---

Definitions:

Imperfectly Competitive

Describes markets where individual sellers have some control over the prices due to lack of perfect competition, includes monopolistic competition, oligopoly, and monopoly markets.

Perfectly Competitive Market

A theoretical market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to an efficient allocation of resources.

Resource Demand

The need for resources by businesses or the economy to produce goods and services.

Imperfectly Competitive

describes markets where individual sellers have some control over the price of their products due to lack of perfect competition.