Refer to the graph below. From the economists' perspective, which is the independent variable and which is the dependent variable?
A. Price is the independent variable and quantity demanded is the dependent variable
B. Price is the dependent variable and quantity demanded is the independent variable
C. Both price and quantity demanded are independent variables
D. Both price and quantity demanded are dependent variables
Answer: A
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If Atlantis has an open economy, then it:
A. does not trade with other countries B. has a democratically elected government C. trades with other countries D. allows imports but not exports.
The steepest increase in the currency ratio since 1892 occurred during
A) World War II. B) the Great Depression. C) the interwar years. D) the past twenty years.
As the total quantity of land is fixed the payment for land is termed as economic rent
a. True b. False Indicate whether the statement is true or false
The structural deficit is extremely sensitive to the performance of the economy
a. True b. False Indicate whether the statement is true or false