The Latin phrase ceteris paribus means that when a relationship between two variables is being studied
A. both are treated as unpredictable.
B. neither of those two variables is allowed to change.
C. we recognize that some factors are unknown.
D. all other variables are held fixed.
Answer: D
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Which of the following would be entered as a credit in the financial account of the United States?
a. Purchase of U.S. Treasury bonds by Americans b. Purchase of U.S. Treasury bonds by foreigners c. Purchase of U.S. made cars by foreigners d. Income earned by the U.S. from tourism e. Purchase of foreign stocks by U.S. investors
When prices are falling, economists say that there is
a. disinflation. b. deflation. c. a contraction. d. an inverted inflation.
A change in weather patterns that makes farming more difficult would ____
a) decrease long-run aggregate supply. b) increase long-run aggregate supply. c) increase aggregate demand. d) have no impact on long-run aggregate supply.
In economics a "marginal" value refers to:
a. the value associated with an unimportant, or marginal, activity. b. a value entered as an explanatory item in the margin of a balance sheet or other accounts. c. the value associated with one more unit of an activity. d. a value that is most appropriately identified in a footnote.