The term ceteris paribus means
A) the greatest good for all.
B) the study of scarcity and choice.
C) all other things remaining constant or equal.
D) value-free and testable.
C
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Explain why a London Eurobank has a competitive advantage over a bank in New York in attracting dollar deposits
What will be an ideal response?
When using extrapolation to forecast
A) a time series of past observations is used. B) there is a large error term in the results. C) predictions can only be made about the future. D) dummy variables can skew the results.
The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:
A. money laundering. B. the underground economy. C. disposable personal income. D. indirect national income.
Refer to the above figure. All of the following are true concerning the diamond-water paradox EXCEPT
A. marginal utility of diamond consumption is relatively high. B. since the price of diamonds is high, demand is great. C. the demand for water exceeds the demand for diamonds. D. the price of diamonds exceeds the price of water.