Which of the following statements is TRUE?
A) The long-run aggregate supply curve is upward sloping.
B) The long-run aggregate demand curve is upward sloping.
C) The short-run aggregate supply curve is vertical.
D) The long-run aggregate supply curve is vertical.
D
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The median household income is
A) the income that separates households into two equal groups. B) the most common household income. C) the mean household income. D) the average household income.
An upward-sloping labor-supply curve implies that an increase in the wage induces
a. firms to increase the quantity of labor they hire. b. firms to increase the quantity of output they produce. c. workers to decrease the quantity of leisure they enjoy. d. All of the above are correct.
Consider the following equation for household consumption expenditure:
Consmptn= 
0+ 1Inc + 2Consmptn-1+ u
where ‘Consmptn' measures the monthly consumption expenditure of a household, ‘Inc' measures household income and ‘Consmptn-1' is the consumption expenditure in the previous month. Consmptn-1 is a _____ variable.
A. exogenous
B. binary variable
C. lagged dependent
D. proxy variable
________ are inducements to act in certain ways
Fill in the blank(s) with correct word