Economic modeling requires
A) mathematics.
B) logic.
C) calculus.
D) trigonometry.
B
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Wealth differs from income in that
A) income measures value at a point in time and wealth measures value over a period of time. B) income measures value over a period of time and wealth measures value at a point in time. C) income is what you own and wealth is what you earn. D) wealth can be measured in dollars and income cannot.
The belief that the U.S price level will rise in the future will tend to cause, other things the same ________
A) no change in the value of the U.S. dollar B) an increase in the value of the U.S. dollar C) no change in the value of the U.S. dollar in the short-run D) a decrease in the value of the U.S. dollar
The expectation of a random variable X that can take on any of N possible values, Xi with probability Pr[Xi], is denoted as E[X] and defined as:
a. E[X]=???XiPr[Xi]. b. E[X]=??XiPr[Xi]. c. E[X]=?XiPr[Xi]. d. E[X]=?XiPr[Xi].
A monopolistically competitive firm in the long run will
A. have a demand curve tangent to its AC. B. have a demand curve below its AC. C. have a demand curve above its AC. D. operate where excessive profit can be achieved.