A measure defined at a point in time is called a(n) ________ variable.
A. flow
B. nominal
C. aggregate
D. stock
Answer: D
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If the natural unemployment rate decreases, then the short-run Phillips curve ________ and the long-run Phillips curve ________
A) does not shift; shifts leftward B) shifts leftward; shifts leftward C) shifts rightward; shifts rightward D) shifts leftward; does not shift E) shifts rightward; shifts leftward
Which factor of production is paid "interest"?
A) land B) labor C) capital D) entrepreneurship E) human capital
Which of the following assumptions were made by the Cournot model of oligopoly?
a. Each seller psychoanalyzes the competition and decides how to react in all possible situations. b. Each seller psychoanalyzes the competition and exactly predicts the output decisions of the competitors. c. Each seller chooses its own output and believes the others in the market will respond to its choices. d. Each seller chooses its own output and believes the others in the market will not respond to its choices.
The more essential the good, the more price inelastic will be the demand for a good
Indicate whether the statement is true or false