Answer the following statements true (T) or false (F)
1. The period known as the "Industrial Revolution" began in the United States in the late 1800's.
2. Citizens living in the richest nations today have material standards of living that are on average more than 50 times higher than people living in the poorest countries.
3. Savings are generated when current consumption is less than current output.
4. Buying 100 shares of Google stock would be an example of economic investment
5. Economists use the word investment to refer to the purchase of assets such as stocks, bonds, and real estate.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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A rise in price will always result in an increase in the total amount that consumers spend on a product.
Answer the following statement true (T) or false (F)
The inflation rate in January of 2009 as measured by the CPI was zero. If inflation were to remain at zero for a long period, what would be the effect on velocity?
a. It will decrease. b. It will increase. c. It will remain constant. d. Velocity is unrelated to interest rates.
The existence of a negative externality will result in:
A. a less than optimal level of production. B. elimination of deadweight loss. C. a greater than optimal level of production. D. prices that are artificially high.
SUMMARY OUTPUTRegression StatisticsMultiple R0.971R-SquareAAdjusted R-SquareBStandard Error30.462Observations51ANOVA dfSSMSFSignificance FRegressionC747851.57373925.79402.989.89E-31Residual48D927.91 Total50792391.11 CoefficientsStandard Errort StatP-ValueLower 95%Upper 95%InterceptE62.1326.791.60E-301539.661789.51Price of Roses-6.68F-1.411.64E-01-16.162.81Disposable Income (M)9.730.34G1.23E-319.0410.42The residual sum of squares and degrees of freedom due to the regression are:
A. 1,540,242.68 and 48, respectively. B. 44,539.54 and 2, respectively. C. 747,851.57, and 98, respectively. D. There is not sufficient information to answer this question.