The Latin phrase "ceteris paribus" means
a. that one event causes another.
b. that one event is associated with, but not caused by, another.
c. that other potential causes are assumed to remain constant.
d. the way things should be.
C
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Which of the following statements accurately characterizes American trade during the Revolutionary War?
a. The American colonies actively traded with France, Holland and Spain until 1778, when trade was hampered by British blockades. b. British blockades hampered the trade activities of first Northern and later Southern ports. c. American trade remained below pre-war levels. d. Decreases in imports led to increases in domestic production of textiles, beer and other products. e. Both b and c are correct.
Within the Keynesian model, when total spending is less than the full-employment level of output, firms will
a. continue to produce the current level of output. b. cut production to reduce their inventory accumulation. c. expand production to reduce their inventory accumulation. d. cut production to build inventories.
Two goods are complements if:
A. an increase in the price of one good leads to an increase in demand for the other. B. there are no substitutes for either of them. C. people tend to consume either one or the other. D. an increase in the price of one good leads to a decrease in demand for the other.
In the United States, the incidence of poverty has declined since the 1970s.
Answer the following statement true (T) or false (F)