What is an economic variable?
What will be an ideal response?
An economic variable is something measurable that can have different values, such as the wages of software programmers.
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When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be: A) inclusive. B) extractive. C) exogenous. D) exclusive.
In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?
What will be an ideal response?
A return above implicit and explicit costs is called
A. accounting profit. B. economic profit. C. opportunity cost. D. total revenue.
In 2015, the unemployment rate among workers with a bachelor's degree or higher was
A. 8.0 percent. B. 5.4 percent. C. 2.1 percent. D. 2.6 percent.