The term "other things equal" means that:
A. the associated statement is normative.
B. many variables affect the variable under consideration.
C. a number of relevant variables are assumed to be constant.
D. when variable X increases so does related variable Y.
Answer: C
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Under the European System of Central Banks, the National Central Banks have the same role as the ________ of the Federal Reserve System
A) Board of Governors B) Federal Open Market Committee C) Federal Reserve Banks D) Federal Advisory Council
Which of the following statements is true?
A. GDP is greater than national income, which is greater than NDP. B. Government spending is the largest sector of GDP. C. A Social Security check sent to a retiree is counted as part of GDP. D. The purchase of a new factory is counted in the investment sector of GDP.
Which of the following is an example of moral hazard?
a. a driver is arrested for drunk driving b. a pet-sitter being paid to walk a dog for one hour per day only walks the dog for 20 minutes per day c. a thief steals a car d. All of the above are examples of moral hazard.
The protection of property rights leads to
A. unemployment. B. more capital formation. C. more illiteracy. D. more poverty.