Economic activities that signal forthcoming changes in the economy are referred to as:
a. coincidental economic indicators.
b. GDP implicit price deflators
c. lagging economic indicators.
d. perfect economic indicators.
e. leading economic indicators.
e
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The law of diminishing returns makes it clear that as more a variable input is employed, in the ________ the marginal product of the variable input eventually will ________
A) short run; rise B) long run; rise C) short run; fall D) long run; fall
In a two-person, two-good economy, the gains to specialization will be larger when:
A. one person has an absolute advantage in both goods. B. there are large differences between the individuals in their opportunity costs of producing the two goods. C. there are small differences between the individuals in their opportunity costs of producing the two goods. D. neither person has an absolute advantage.
Everything else remaining unchanged, when the price of a normal good increases, consumers probably
A. do not purchase any amount of the good. B. purchase more of the good. C. purchase the same amount of the good. D. purchase less of the good.
This firm maximizes profits (or minimizes losses) by producing a quantity of about _____ units.
A. 150
B. 200
C. 250
D. 300