An identity is an equation that
a. describes an equilibrium.
b. pertains to macroeconomics, not to microeconomics.
c. must be true because of how the variables in the equation are defined.
d. involves final goods, not intermediate goods.
c
You might also like to view...
When an imported good has restrictions are placed on it that limits the amount that can be imported and as a result the price of the good increases, the demand curve for that good will
A) shift rightward. B) shift leftward. C) become steeper. D) be unaffected.
Whom does the Bureau of Labor Statistics include in the discouraged workers group?
a. All those between 16 and 65 who are neither disabled nor in an institution and are also neither employed nor seeking employment. b. Civilian labor force members who have chosen early retirement because they dislike their work or think the pay is too low. c. Members of the noninstitutional population who say they want to be employed but aren't searching for a job. d. Members of the civilian labor force who are looking for a job but cannot find one. e. Anyone in the population who is not working.
In a natural monopoly situation
A) there are large economies of scale relative to demand. B) the firm has an upward sloping average cost curve. C) producers try to differentiate their product with advertising. D) there is no need for government regulation.
When an individual is not working and is not looking for a job because he/she lacks any marketable job skills, he/she is
A. cyclically unemployed. B. structurally unemployed. C. frictionally unemployed. D. none of the above.