In the 1980s, several ________________ countries experienced inflation rates of thousands of percent per year
a. Asian
b. Southern European
c. Eastern European
d. Latin American
e. African
D
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If the supply of a good decreases and it causes total revenue to increase, this shows that the good has an
A) inelastic demand. B) elastic demand. C) unit elastic demand. D) inelastic supply. E) elastic supply.
As a tool that is used to measure inequality in the distribution of income, the Lorenz curve graphs
A) the cumulative percentage of income against the cumulative percentage of households. B) the percentage of total income received by each given percentage of households. C) the mean income, median income, and mode income against the percentage of households. D) the mean income received by households over time.
If expectations are formed rationally, then individuals
A) will have a forecast that is 100% accurate all of the time. B) change their forecast when faced with new information. C) use only the information from past data on a single variable to form their forecast. D) have forecast errors that are persistently low.
The cumulative distribution function for a standard logistic random variable is a decreasing function.
Answer the following statement true (T) or false (F)