"Ceteris paribus" assumption means
A) the role of rational self-interest in the economy.
B) that nothing else changes except the variables under consideration.
C) relying on real-world data in evaluating the usefulness of a model.
D) analysis that is strictly limited to making either purely descriptive statements or scientific predictions.
B
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If there is a rise in the price level, there is a(n) ________ movement along the AS curve because there is ________ in the quantity of real GDP supplied
A) upward; a decrease B) downward; an increase C) upward; no change D) upward; an increase E) downward; a decrease
The four largest firms in an industry account for the following value of industry sales: 12 percent, 8 percent, 5 percent and 4 percent. Calculate the four-firm concentration ratio. Would this industry be regarded as competitive or concentrated?
What will be an ideal response?
As of October 2012, approximately what portion of U.S. currency is held outside of the United States?
A) 1/10 B) 1/3 C) 1/2 D) 2/3
Which of the following statements is false?
A) If the SRAS curve shifts rightward, the price level falls in the short run. B) If AD rises and SRAS is constant, the price level rises in the short run. C) If both SRAS and AD decline, Real GDP falls in the short run. D) If both SRAS and AD increase, the price level necessarily rises in the short run. E) none of the above