A major problem with household data is that:
a. the income of the households vary greatly.
b. the households usually vary in their consumption patterns.
c. the households usually comprise of only one individual.
d. collecting data from the households is highly inconvenient.
e. the number of persons per household varies greatly.
e
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The invention of the integrated circuit by Jack Kilby of Texas Instruments gave rise to the information age. What did this technological change do the short-run supply curve?
A) It moved the economy up along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the left. C) It shifted the short-run aggregate supply curve to the right. D) It moved the economy down along a stationary short-run aggregate supply curve.
Use the following statements to answer this question:
I. If the extent of a market is broader, it is less likely that firms in the market can influence the market price. II. In determining whether two different products belong to the same market, it is necessary to know whether the two products can be used as substitutes for each other. A) I and II are both false. B) I is false, and II is true. C) I is true, and II is false. D) I and II are both true.
Which one of the following resources is not underemployed?
A. The use of Manhattan Island in New York City for growing corn. B. The use of farmland in the Iowa and Illinois corn belt for buildings to do stock market research. C. An automobile factory that is shut down for two months to be retooled for a model change. D. Limiting all men to the fields of school teaching and social work.
The variability of business profits:
A. Helps explain the instability of investments over time B. Does not affect investment spending, which depends on expected profits not current profits C. Explains why the durability of capital goods is variable D. Causes the variations in consumption spending over time