Which of the following is an exogenous variable in the Three-Sector-Model?
a. Oil prices
b. Real GDP
c. Quantity of real credit per time period
d. Quantity of currency per time period
e. All of the above are exogenous variables.
.A
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As a result of money in an economy,
A) transaction costs are higher than would be the case in a barter economy. B) people are greedier than in a barter economy. C) real Gross Domestic Product (GDP) and economic growth are greater than they would be in a barter economy. D) stealing exists and people have to find ways to prevent theft.
Suppose inter-city bus travel is a substitute for transportation by train. Which of the following could then be TRUE?
A) The cross elasticity between bus and train travel could equal 0.65. B) The cross elasticity between bus and train travel could equal 1.0. C) The cross elasticity between bus and train travel could equal 1.25. D) All of the above could be true.
On a given linear demand curve, as price increases demand becomes ________:
A. more variable. B. more negative. C. less elastic D. more elastic.
Refer to Figure 6.1. The monopolist earns a profit equal to
A. $300. B. $220. C. $330. D. $550.