An inferior good is defined by an income elasticity less than 1
a. True
b. False
B
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A scatter plot:
A) is the same as a pie chart. B) shows how a variable changes across time. C) shows the relationship between two variables at a point in time. D) represents the frequency of a variable being observed.
The accounting profit of a business firm is also called:
a. royalty income. b. net income from equity. c. compensatory income. d. windfall gain. e. net operating income.
The Fed frequently uses the discount rate and the required reserve ratio as instruments of monetary policy
a. True b. False Indicate whether the statement is true or false
The classical school
A. was the dominant school of economic thought until the Great Depression. B. was the dominant school of economic thought after the Great Depression. C. believed that the economy was basically unstable. D. believed wages and prices were rigid downwards.