What is an economic variable?
What will be an ideal response?
An economic variable is something measurable that can have different values, such as the wages of software programmers.
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Explain the three fundamental decisions that firms in perfectly competitive markets mustmake. Explain how these decisions are interrelated
What will be an ideal response?
Which currency is most commonly traded?
What will be an ideal response?
In a market where firms are able to reduce their private costs by shifting costs onto others, which of the following will not happen? a. Inefficiencies will occur
b. Negative externalities will be observed. c. The market prices of products produced by firms will be too low relative to the social optimum. d. Output of the good being produced will be too low.
Special Drawing Rights are
a. a minor source of international reserves. b. available only to the Group of Seven nations. c. a collectively managed asset of the International Monetary Fund. d. All of these.