The value of the x-coordinate of a point in a graph is the length of a line from the point to the
A) origin.
B) scalar.
C) x-axis.
D) y-axis.
D
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Which of the following variables can be used to measure labor productivity?
A) real GDP B) number of labor hours C) number of workers D) all of the above
Economists have estimated that the cross-price elasticity of demand between beer and spirits is -0.50, the income elasticity for spirits is 1.21 and the income elasticity for wine is 5.03
These elasticities mean that beer and spirits are ________, and spirits and wine are ________. A) complements; substitutes B) substitutes; luxuries C) complements; luxuries D) normal goods; luxuries
The difference between a change in quantity supplied and a change in supply is that a change in:
a. quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes. b. supply is caused by a change in a good's own, current price, while a change in the quantity supplied is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes. c. quantity supplied is a change in the amount people want to sell, while a change in supply is a change in the amount they actually sell. d. supply and a change in the quantity supplied are the same thing.
In the AS/AD model, in the short run, monetary policy affects:
A. only inflation. B. both inflation and real output. C. only real output. D. neither inflation nor real output.