A variable measures:
A. something that always has the same value.
B. something that can take on different values.
C. factors that occur with high degrees of uncertainty.
D. the degree to which something varies over time.
Answer: B
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Refer to Figure 11.5. A decrease in exports is best illustrated by diagram
A) A. B) B. C) C. D) D.
The relationship between advertising and product differentiation is
a. positive; the more differentiated the product, the more a firm is likely to spend on advertising. b. negative; the more differentiated the product, the less a firm is likely to spend on advertising. c. zero; there is no relationship between product differentiation and advertising. d. irrelevant; firms with differentiated products do not need to advertise.
You are given the following information about the economy: (1) nominal interest = 8 percent; (2) real rate of interest = 6 percent. The inflation premium is:
A. 14 percent. B. 6 percent. C. 2 percent. D. 8 percent.
A significant reason that increases in demand for agricultural products have been relatively small is because increases in the:
A. Population of the United States have been greater than increases in the productivity of agriculture B. Population of the United States have been greater than decreases in the productivity of agriculture C. Incomes of U.S. consumers result in more than proportionate increases in their spending on agricultural products D. Incomes of U.S. consumers result in less than proportionate increases in their spending on agricultural products