Which of the following is an example of a time-series data set?
A. average amount of labor employed at specific times of the day at a specific factory in 2010.
B. amount of labor employed yearly in a specific factory from 1990 through 2010.
C. amount of labor employed in each factory in the U.S. in 2010.
D. All of the above are time-series data sets.
Answer: B
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Mika withdraws $100,000 from her trust fund to start up her own manicure business. The trust fund earns 4 percent interest. In order to properly account for all costs of her business, Mika must not forget:
A. the explicit cost of $4,000. B. the implicit cost of $4,000. C. the implicit cost of $104,000. D. the explicit cost of $104,000.
Macroeconomic policies are government policies designed to affect:
A. particular sectors of the economy. B. the economic activity of the government. C. the environmental impact of all industries. D. the performance of the economy as a whole.
In which phase of the business cycle does a recession occur?
A) contraction
B) peak
C) recovery
D) expansion
In the long run, a monopoly
A. will never exit the industry. B. will yield an efficient outcome. C. will always earn zero economic profits. D. may earn positive economic profits due to entry barriers.