Demonstrating how an economic variable changes from one year to the next is best illustrated by a
A) time-series graph.
B) scatter diagram.
C) Venn diagram.
D) linear graph.
E) cross-section graph.
A
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Stickiness of wages
A) is unrelated to stickiness of prices. B) reinforces stickiness of prices. C) lessens the stickiness of prices. D) may or may not reinforce stickiness of prices.
Which of the following statements is true?
A) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops. B) France is the leading exporting country, accounting for 10 percent of total world exports. C) Japan is more dependent on foreign trade than is the United States. D) Imports and exports account for over one-half of the GDP of Belgium.
Which of the following experiments will yield observations that would allow one to calculate the marginal physical product of labor?
a. increase the number of lumberjacks with chain saws and observe the change in output of cut trees b. increase the number of workers on an assembly line and record the change in output c. Both a and b are correct. d. Neither a nor b are correct.
The income elasticity of demand for education is 3.5. Thus, a 4% increase in income will
A. decrease the quantity of education demanded by 3.5%. B. decrease the quantity of education demanded by 14%. C. increase the quantity of education demanded by 14%. D. increase the quantity of education demanded by 4%.