Economists often focus on average behavior because it is easier to predict
a. True
b. False
A
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Which of the following factors will make the demand for a product more elastic?
A) The product has no close substitutes. B) A very small proportion of income is spent on the good. C) A long time period has elapsed since the product's price changed. D) The change in the product's price was unexpected.
The value of every monetary transaction in the economy would be included in
a. GDP. b. potential GDP. c. personal income. d. national income. e. None of the above.
Because of the Great Recession of 2008, the trade deficit in 2009 relative to the trade deficit in 2006 was?
A. twice. B. three times. C. one fourth. D. one half.
If 40,000 worker-hours produced a total output of $600,000 in an economy, then the labor productivity is:
A. $10/worker-hour B. $15/worker-hour C. $24/worker-hour D. $240/worker-hour