The ceteris paribus assumption is a behavioral assumption.
a. True
b. False
False
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What is Okun's Law?
What will be an ideal response?
For a horizontal demand curve,
a. the slope is undefined, and the price elasticity of demand is equal to 0. b. the slope is equal to 0, and the price elasticity of demand is undefined. c. both the slope and price elasticity of demand are undefined. d. both the slope and price elasticity of demand are equal to 0.
Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents total income?
A. Arrow A B. Arrow B C. Arrow C D. Arrow D
Which of the following would an economist classify as capital?
A. a corporate bond B. a $50 bill C. a guitar used by a musician D. a post office employee