To see how variables evolve over time we use
A) a scatter graph.
B) an evolution plot.
C) a cross-section plot.
D) a time-series graph.
D
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A rise in the price of cabbage from $14 to $18 per bushel increases the quantity supplied from 4,000 to 6,000 bushels. The elasticity of supply is
A) 0.6. B) 0.8. C) 1.0. D) 1.6.
The fact that people have unlimited wants means that
a. they always want more of at least one good b. each person has an unlimited desire for every good c. labor unions demand wage increases d. selfish people are not concerned about others e. people buy goods without regard to what they can afford
An increase in the price level in an economy will _____
a. shift the aggregate demand curve to the right b. shift the aggregate demand curve to the left c. increase the quantity of real gross domestic product (GDP) demanded d. decrease the quantity of real gross domestic product (GDP) demanded e. increase the aggregate expenditure
Which of the following is a step that economists take in order to examine a real-world issue?
a. Determine the results that will occur if the market being considered is a controlled market b. Look at the real-world results to see the similarities they hold with the results of a free market c. Suggest remedies and policies to alter the results of a free-market d. Suggest remedies or policies to alter the real-world result e. Assume that the market transactions, in a real-world, is completely controlled by the government