There is a negative relationship between two variables if: they move in opposite directions. they move in the same direction. one variable changes and the other does not. neither variable moves. A firm produces its product using both capital and labor. When it does not change its capital usage, but doubles its labor input, its output increases by less than 50 percent. Which of the following is the most likely explanation of this finding? The principle of opportunity cost The principle of diminishing returns The marginal principle The spillover principle The price of iPhones has fallen dramatically. Which of the following is likely to happen? The quantity of iPhones supplied will decrease. The quantity of iPhones supplied will increase. The supply of iPhones will decrease. The supply of iPhones will increase. If the demand for school ball caps is inelastic, an increase in price will result in: a decrease in profits. an increase in total revenue. a decrease in total revenue. an increase in the quantity demanded. An electrician licensing program in the state of North Carolina requires each electrician to obtain a license and renew it each year. Which of the following is a result of having the licensing program in North Carolina? A decrease in total surplus Excess demand for electrical service An increase in the quality of electrician All of the above are a result of the licensing program. The self-interest theory of government was suggested by: James Buchanan. Charles M. Tiebout. bureaucrats.

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