Which of the following is an example of time series data?
A. Data on the unemployment rates in different parts of a country during a year.
B. Data on the consumption of wheat by 200 households during a year.
C. Data on the gross domestic product of a country over a period of 10 years.
D. Data on the number of vacancies in various departments of an organization on a particular month.
Answer: C
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A country opens up to trade and becomes an exporter of wheat. In the wheat market, consumer surplus will ________, producer surplus will ________, and total surplus will ________
A) decrease; increase; increase B) increase; decrease; increase C) decrease; increase; decrease D) remain unchanged; increase; increase
In the Keynesian model, the larger the marginal propensity to consume, the:
a. larger the multiplier. b. larger the marginal propensity to save. c. higher the income level of the economy. d. smaller the change in income derived from a given change in government spending.
The quantity supplied of bagels is 100 at the unit price $1. Suppose the price elasticity of supply by the initial value method is 1.5, and you would like to induce sellers to increase the quantity of bagels supplied to 130. Then the new price for bagels must be:
A. $11. B. $10.20. C. $1.20. D. $1.10.
Which of the following statements about a monopolistically competitive firm is TRUE?
A) A monopolistically competitive firm does not always equate marginal cost to marginal revenue because it uses other means to maximize profits. B) A monopolistically competitive firm maximizes profits by charging a price equal to marginal cost. C) A monopolistically competitive firm produces the quantity at the point at which the demand curve crosses the marginal cost curve. D) A monopolistically competitive firm maximizes profits when it produces the quantity at which marginal cost equals marginal revenue.