The learning curve describes the ________ relationship between ________ and ________
A) inverse; unit cost; cumulative output
B) direct; unit cost; cumulative output
C) inverse; education; annual income
D) direct; education; annual income
E) direct; education; labor productivity
A
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In the aggregate demand-aggregate supply model, the economy's price level is assumed to be ________.
A. constant, just like in the aggregate expenditures model B. variable, unlike in the aggregate expenditures model C. constant, unlike in the aggregate expenditures model D. variable, just like in the aggregate expenditures model
Which of the following is associated with a more elastic demand curve?
a. availability of many close substitutes b. a greater amount of time for consumers to respond to a price change c. a large percentage of income spent on the good in question d. all of the above
Explain the concept of externality and give an example
Any item that people can use to transfer purchasing power from the present to the future is called
a. a medium of exchange. b. a unit of account. c. a store of value. d. None of the above is correct.