A dependent variable is also known as a(n) _____.
A. explanatory variable
B. control variable
C. predictor variable
D. response variable
Answer: D
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What is the difference between diminishing marginal returns and diseconomies of scale?
What will be an ideal response?
Which of the following institutional changes contributed to the high rate of development in European and North American countries?
a. An increase in government intervention in production and consumption of goods and services through taxes and subsisidies b. An increase in governments' support to monopolistic firms and businesses c. An increase in government ownership of resources d. Stricter enforcement of private property rights
"Lower marginal tax rates encourage people to work, save, and invest, resulting in more output and a larger tax base." This statement most closely reflects which of the following schools of economic thought?
a. Keynesian. b. Adam Smithian. c. Aggregate demandian. d. Supply-side economics.
GDP equals the value added by producers of:
A. intermediate goods and services, as well as final goods and services. B. intermediate goods and services only. C. final goods and services only. D. intermediate and final goods only.