In examining two variables, we find that as one variable changes, the other changes. These variables are said to be
A) statistics.
B) independent.
C) casually related.
D) correlated.
E) significantly related.
D
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In some markets consumers may buy many different brands of a product. Which of the statements below best represents a situation where demand for a particular brand would be very elastic?
A. "The brand I buy is so superior to other available brands that I hardly consider the others." B. "I use so little of that product that when I do buy it, I don't pay much attention to the price." C. "The different brands are almost identical. I always buy the cheapest." D. "I pinch pennies in buying other products, but like most people I feel I owe it to myself to get the best brand of this product."
QN=64 (17762) Macroeconomists study
a. the decisions of households and firms. b. the interaction between households and firms. c. economy-wide phenomena. d. regulations on firms and unions.
If the market basket of goods and services that the Commerce Department uses to calculate the CPI were to decline from $30,000 in the base year to $15,000 in the current year, the current year's CPI would be
A. 300. B. 150. C. 100. D. 50. E. 0.
Refer to the diagram. The marginal propensity to consume is:
A. .4.
B. .6.
C. .5.
D. .8.