A variable that tends to move later than aggregate economic activity is called
A. a leading variable.
B. a coincident variable.
C. a lagging variable.
D. an acyclical variable.
Answer: C
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The parameter A re-scales the production function 
-- allowing us to transform a decreasing returns to scale production function to an increasing returns to scale production function.
Answer the following statement true (T) or false (F)
Which of the following is a credit in the U.S. current account? a. A U.S. consumer buys a TV made in Malaysia
b. Singapore Airlines buys a jumbo jet made in the United States. c. British investors purchase U.S. government bonds. d. An American citizen flies to Lithuania on the Lithuanian Airlines.
Assume that production from an electric utility caused acid rain and that the government imposed a tax on the utility equal to the cost of the acid rain. This is an example of
A) a transactions cost. B) a Pigovian tax. C) a Pigovian subsidy. D) the Coase Theorem.
The price of services at Urban General falls by 10 percent
a. Quantity demanded at Urban General increases by 15.0 percent. b. Quantity demanded at Urban General increases by 1.5 percent. c. Quantity demanded at St.Elsewhere rises by 3.5 percent. d. Quantity demanded at St.Elsewhere falls by 5.0 percent. e. Quantity demanded at Urban General rises by 5.0 percent.