The value of R2 always _____.
A. lies below 0
B. lies above 1
C. lies between 0 and 1
D. lies between 1 and 1.5
Answer: C
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If the income elasticity for chocolate chip cookies is 1.84, then chocolate chip cookies are
A) a normal good and income inelastic. B) a normal good and income elastic. C) an inferior good and income inelastic. D) an inferior good and income elastic.
If there is an increase in foreign financial investment in the United States as the result of large U.S. budget deficits and attractive interest yields,
a. fiscal policy will be more expansionary since there will be no crowding-out effect. b. fiscal policy will be more expansionary since U.S. residents will increase their savings, so they can repay the foreigners in the future. c. foreign exchange value of the dollar will depreciate, which will lead to an increase in net exports and aggregate demand. d. foreign exchange value of the dollar will appreciate, which will lead to a decrease in net exports and aggregate demand.
Edward Denison identified which of the following as the main source of productivity growth in the United States between 1929 and 1982?
A. added labor and capital B. the increase in labor's education and training C. advances in knowledge obtained through research and development D. the improved quality of corporate management
Discuss why it is unlikely that a country would specialize in just one product, and support your explanation with an example.
What will be an ideal response?