In general, the term "ceteris paribus" means
A. all else equal
B. holding everything else variable
C. unsettled mathematical paradigms
D. Both A and B
Ans: A. all else equal
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Which of the following countries had the lowest GDP per capita in 2014?
A) Central African Republic B) Mexico C) France D) Argentina
Country A can produce both wheat and oranges using fewer resources than country B. Which of the following statements is true?
A. Country A has a comparative advantage in producing both goods. B. Country A has an absolute advantage in producing both goods. C. Country B has no comparative advantage. D. Country B must have an absolute advantage in producing one of the goods.
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
At the peak of a business cycle, the
A) cyclical unemployment rate is positive. B) unemployment rate is above the natural unemployment rate. C) frictional unemployment rate is zero. D) unemployment rate is below the natural unemployment rate. E) natural unemployment rate is negative.