The three approaches to measuring economic activity are the
A) cost, income, and expenditure approaches.
B) product, income, and expenditure approaches.
C) consumer, business, and government approaches.
D) private, public, and international approaches.
B
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In the general textbook treatment, the firm's short run average variable and average total cost curves are U-shaped, while the average fixed cost curve is downward sloping over the entire range of output. Explain why
What will be an ideal response?
The time-inconsistency problem involves the ________
A) difficulties of traveling across time zones B) tendency to deviate from good long-run plans in the short-run C) use of adaptive expectations in building an economic model D) time lag between the implementation of policy and its ultimate and complete results
If a small percentage change in price causes a larger percentage change in the quantity demanded, the good has:
A. an inelastic demand. B. a low magnitude of response. C. an elastic demand. D. a high magnitude of response.
The slope of a line
a. can only be calculated for straight lines b. varies at different points along a straight line c. indicates whether or not there is a causal relationship between variables d. is independent of the units of measurement used e. indicates how much the vertical variable changes for a given change in the horizontal variable