The horizontal axis on a time-series graph
A) measures the variable being graphed.
B) measures units of time such as years.
C) runs parallel to the y-axis.
D) measures how the variable being graphed changes.
B
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Refer to the above figure. A long-run equilibrium in monopolistic competition is pictured by
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Jake brings his Xbox home over winter break and leaves it there, thinking he will study more in the spring without it around. Jake is:
A. trying to compensate for the time-inconsistency of his desire to study more, but temptation to play video games instead. B. forcing his behavior to match economic theory. C. not acting rationally, since what he really wants is to play games all day. D. demonstrating that he has forgotten the fungibility of money.
E&S Cooling Co. installs air conditioning systems in new houses for homebuilders and replacement systems for homeowners. Sales of which systems are included in this year’s GDP?
A. Sales of replacement systems B. Sales of both systems C. Sales of systems in new houses D. Neither system would be included, because they are always intermediate goods
The inflation rate measures the percentage growth rate of:
A. Real GDP from the base period 1982-84 to a given year B. Real GDP from one year to the next C. The CPI from the base period 1982-84 to a given year D. The CPI from one year to the next