Scatter diagrams are a useful way to depict the relationship between two variables
a. True
b. False
Indicate whether the statement is true or false
True
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A good or service can be consumed by a person even if he or she didn't pay for it is called ________ good
A) a private B) a public C) a normal D) an inferior E) an external
The NBER's Business Cycle Dating Committee defines a recession as at least two consecutive quarters of falling real GDP
Indicate whether the statement is true or false
An intertemporal budget constraint ________
A) describes how much time an individual consumer has to spend their disposable net national product B) is independent of the real interest rate and wealth of the household C) divides consumption spending into three categories: spending on durables, non-durables and services D) describes how much a person can consume today versus tomorrow
The higher the concentration ratio, the
a. more control an individual firm has to set prices. b. more competitive the industry. c. less competitive the industry. d. Both a and c are correct.