As economic growth rises, literacy rates tend to fall
a. True
b. False
Indicate whether the statement is true or false
False
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If View Your World, a high-end window manufacturer, directly pays all of the transaction costs, the total cost to produce its windows includes all of the following except which one?
A) the cost of producing the windows B) the cost of transporting the inputs to make the windows to the plants C) the cost of transporting the product to its customers D) the cost to add another production plant
Which of the following is an example of an application of the ceteris paribus assumption?
A) An analysis of how price changes affect how much of a good people will purchase when all other factors are held constant B) An analysis of how people purchase more goods when prices decline and income increases C) After reading an article on the dangers of high-fat diets, an individual buys less red meat when prices increase D) An analysis of how worker productivity increases when a firm invests in new machines and training programs
Proponents of the notion of a "political business cycle" suggest that:
A. a possible cause of economic fluctuations is due to the use of fiscal policy for political purposes. B. cyclical swings in the economy are produced by the inherent instability found in capitalist economies. C. the cyclically adjusted budget is a better indicator of the state of the economy than the actual budget. D. there is a trade-off among goals that tends to make the economic policies of state and local governments procyclical.
Economists use the concept of ________ to measure how one economic variable, such as quantity, responds to a change in another economic variable, such as price
A) elasticity B) slope C) relativity D) efficiency