Economic variables whose values are measured in monetary units are called
a. dichotomous variables.
b. nominal variables.
c. classical variables.
d. real variables.
b
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Rika's opportunity cost of producing 100 t-shirts is 50 jackets. Jeff's opportunity cost of producing 75 t-shirts is 25 jackets. Who should specialize in jackets?
A) Rika B) Jeff C) neither D) both E) More information is needed about their production possibilities frontiers to determine who should specialize in jackets.
The measurement of economic growth cannot take into account
A) the service sector of an economy. B) productive activity in an economy. C) cultural aspects of life in a country. D) differences in inflation rates across countries.
An increase in the supply of loanable funds, other things constant, will increase the interest rate
a. True b. False Indicate whether the statement is true or false
Moving downward along a straight-line demand curve, the absolute value of the price elasticity of demand
a. always rises b. rises until the midpoint of the curve is reached, and then falls c. falls until the midpoint of the curve is reached, and then rises d. always falls e. falls from 1 to 0