Which of the following is an exogenous variable in the Three-Sector-Model?
a. GDP price index
b. Oil prices
c. Quantity of currency per time period
d. Real GDP
e. All of the above are exogenous variables.
.B
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A single-price monopoly will set its price according to which of the following rules?
A) P = MR and MR = MC B) P = MC where the MC curve crosses the demand curve C) P = MR where the MR curve crosses the demand curve D) None of the above answers is correct.
Which set of prices would you expect to see (posted, quoted) in a barter economy?
A) 1 horse = 10 pieces of gold; 1 kettle = 1 piece of gold B) 1 horse = 10 kettles; 1 kettle = 1/10 horse C) 1 horse = $200; 1 kettle = $20 D) 1 horse = 10 kettles; 1 kettle = 10 apples; 1 apple = 1 orange E) b and d
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The rate of growth in GDP affects agriculture
A) Has a major effect on agriculture because people need to eat. B) Has a minimal effect on agriculture because more consumers eat away from home. C) Has a major effect on agriculture because of the high income elasticity for agricultural products. D) Has a minimal effect on agriculture because of the low income elasticity for agricultural products.