Economists

question 8

Multiple Choice

Economists

• A) always put the independent variable on the horizontal axis and the dependent variable on the vertical axis.
• B) always put the dependent variable on the horizontal axis and the independent variable on the vertical axis.
• C) are somewhat arbitrary in assigning independent and dependent variables to the horizontal and vertical axes.
• D) measure the slope of a line differently than do mathematicians.

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Definitions:

Expand

Refers to the process of growth or increase in size, volume, number, or scope.

Contract

A legally binding agreement between two or more parties that outlines obligations, rights, and conditions under which a transaction or exchange will occur.

Market Entry

The act of bringing a new product or service to market, including the challenges and strategies involved in successfully engaging with a new or existing market.

Resources

Resources refer to the inputs used in the production of goods and services, including natural resources, labor, and capital.