Over the past several decades, what has been true about inflation in the United States?
A) Inflation has been very stable. B) The nation has experienced persistent deflation.
C) Inflation rates have been consistently negative. D) Inflation rates have been consistently positive.
D
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A short-run total cost function, TC = 100 + 32Q - 4Q2 + 0.4Q3, indicates the existence of
A) a linear total cost curve. B) a constant average variable cost curve. C) a U-shaped average variable cost curve. D) a constant marginal cost curve.
If a consumer is always indifferent between an additional one grapefruit or an additional two oranges, then when oranges are on the horizontal axis the indifference curves:
A) will be straight lines with a slope of -1/2. B) will be straight lines with a slope of -1. C) will be straight lines with a slope of +1/2. D) will be right angles whose corners occur on a ray from the origin with a slope of +2. E) none of the above
The use of quarterly data to develop the forecasting model Yt = a +bYt?1 is an example of which forecasting technique?
a. Barometric forecasting b. Time-series forecasting c. Survey and opinion d. Econometric methods based on an understanding of the underlying economic variables involved e. Input-output analysis
If the price elasticity of demand for a good is 3.0, it is clear that the good
a. would be a poor choice to tax if the object is to raise tax revenue b. would be an excellent choice to tax if the object is to raise revenue c. is an essential good d. has a demand curve that is price inelastic at every price level e. is a complementary good