The term "real" as opposed to "nominal" means that economists are making adjustments for
A) inflation. B) opportunity cost. C) resource scarcity. D) none of the above.
Answer: A
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The U.S. dollar: a. is the most ancient form of money
b. is an example of modern money. c. is backed by gold. d. is accepted everywhere around the world.
The cross elasticity of demand between apples and oranges is defined as the
A) percentage change in the quantity of apples demanded divided by the percentage change in the price of oranges. B) price elasticity of demand for apples divided by the price elasticity of demand for oranges. C) percentage change in the quantity of apples demanded divided by the percentage change in the quantity of oranges demanded. D) change in the quantity of apples demanded divided by the change in the quantity of oranges demanded.
When the government establishes a minimum price for an agricultural product above the equilibrium price, the government is creating a(n)
A) price ceiling. B) elevated price. C) price floor. D) surplus price.
The distributed lag model is given by
A) Yt = ?0 + ?1Xt + ?2Yt-1 + ut. B) Yt = ?0 + ?1Yt-1 + ?2Yt-2 + ... + ?rYt-r + ut. C) Yt = ?0 + ?1ut + ?2ut+1 + ?3ut+2 + ... + ?r+1ut+r + et. D) Yt = ?0 + ?1Xt + ?2Xt-1 + ?3Xt-2 + ... + ?r+1Xt-r + ut.