Aggregate measures are
A) anything to do with economics.
B) a total measure of a variable across the economy.
C) used only in microeconomics.
D) determined by the Bureau of Labor Statistics.
B
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The permanent-income hypothesis seeks primarily to explain the
A) observed long-term constancy of the saving ratio. B) observed variation in the short-term saving ratio. C) unimportance of transitory income changes. D) All of the above are correct.
If the price of oil goes up by 50% and the quantity demanded goes down by 25%, the absolute value of the price elasticity of demand is
A) 0.25. B) 0.50. C) 0.75. D) 1.00.
According to the real balances effect, when the price level:
A. Falls, cash is worth less and therefore people buy less. B. Falls, cash is worth more and therefore people buy more. C. Rises, cash is worth less and therefore people buy more. D. Rises, cash is worth more and therefore people buy less.
Which of the following is not an automatic stabilizer?
A. Personal income tax revenue. B. Corporate income tax revenue. C. Unemployment compensation benefits. D. Property tax revenue.