Economists:
A. always put the independent variable on the horizontal axis and the dependent variable on
the vertical axis.
B. always put the dependent variable on the horizontal axis and the independent variable on
the vertical axis.
C. are somewhat arbitrary in assigning independent and dependent variables to the horizontal
and vertical axes.
D. measure the slope of a line differently than do mathematicians.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. It is wise to purchase an artist's work when it is expected to appreciate in value, whether or not you like it. 2. Treasury bills are sold at face value and buyers received annual interest payments from the government. 3. The value of a productive asset is equal to the present value of the stream of dividends that it produces. 4. Deficit spending by the government is unwise, because taxpayers receive nothing of value when their taxes are used to make interest payments. 5. Without inflation the real interest rate is always greater than the nominal interest rate.
Which of the following is not important for the development of human capital?
A. High levels of military spending. B. Immunizations and basic health care. C. Access to water and sanitation. D. Educational opportunities.
If the natural rate of unemployment is 10% and 6% of employed workers become unemployed each period, then
a) the natural rate is declining b) 4% of the unemployed remain unemployed each period c) the labor force is expanding at a rate of 16% d) the outflow from unemployment occurs at a rate of 54% e) 60% of the unemployed find employment each period
Because of increasing opportunity costs, the production possibilities curve
a. is bowed out from (or concave to) the origin. b. can be either downward- or upward-sloping. c. at first rises, then falls eventually. d. is a straight downward-sloping line