Demand equations derived from actual market data are
A. generally estimated using regression analysis.
B. never estimated using consumer interviews.
C. empirical demand functions.
D. both a and c
E. all of the above
Answer: D
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___________ is usually measured by the annual percent change in real output of goods and services per capita
Fill in the blank(s) with the appropriate word(s).
The Ricardo-Barro effect says that a government budget deficit leads to
A) no change in the real interest rate. B) a lower real interest rate. C) an increase in the quantity of investment. D) a higher real interest rate. E) an increase in demand for loanable funds.
As income levels rose moderately last year in the San Jose area, it was observed by local realtors that housing sales increased substantially. It is clear from this information that, everything else held constant, the income elasticity of demand for houses is _____
a. negative and relatively low b. negative and relatively high c. positive and relatively low d. positive and relatively high e. neither positive nor negative
In the long-run, the firm can only expand output by adding more variable inputs (workers and raw materials)
a. True b. False Indicate whether the statement is true or false