Data on the income of law graduates collected at different times during the same year is _____.
A. panel data
B. experimental data
C. time series data
D. cross-sectional data
Answer: D
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A reduction in business expectations, combined with the imposition of new tariffs by major trading partners, would have what effect on aggregate demand? a. AD would increase
b. AD would decrease. c. AD would stay the same. d. AD could either increase or decrease, depending on which change was of a greater magnitude.
The United States has never experienced double-digit inflation
a. True b. False
For a firm, the relationship between the quantity of inputs and quantity of output is called the
a. profit function. b. production function. c. total-cost function. d. quantity function.
Most economists believe that classical theory describes the world
a. in the short run. b. in the long run. c. in both the short run and the long run. d. in neither the short run nor the long run.