In building an economic model, variables that will be explained by the model are referred to as ________ variables
A) exogenous
B) endogenous
C) fluctuating
D) demonstrative
B
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A teenaged babysitter is similar to a firm in a perfectly competitive industry in that, for both
A) average costs of production do not change when their industry expands. B) fixed costs are lower than variable costs. C) there are many other suppliers of similar goods or services. D) the implicit costs of production exceed the explicit costs of production.
An inelastic supply schedule means that suppliers are unable to substitute away from producing a good in response to a tax
a. True b. False
For each of the following changes, show the effect on the supply curve and state what will happen to market equilibrium price and quantity in the short run
a. The government requires pollution control filters that raise costs on goods. b. Wages of workers in this industry fall. c. There is an improvement in technology. d. The price of the good falls. e. Producers expect that the price of the good will fall in the future.
What is typically used for cross country comparisons of GDP?
a. purchasing power parity (PPP) b. exchange rate c. GDP per capita d. GDP