A graph showing the values of an economic variable for different groups in a population at a point in time is called a
A) cross-section graph.
B) time-series graph.
C) scatter diagram.
D) Venn diagram.
E) None of the above answers is correct.
A
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Explain the effect on the demand for dollars in the foreign exchange market of an increase in the U.S. interest rate differential
What will be an ideal response?
For many products, such as fast foods, a variety of prices can be found, but sellers with higher prices can expect to sell their products because
A) arbitrage will quickly eliminate price differences. B) their demand is perfectly inelastic. C) firms differentiate products in many ways, for example, higher-priced fast food restaurants may offer better service. D) consumers are not sensitive to prices.
There are some special types of goods for which supply cannot change, irrespective of the length of time allowed for change, such as Beethoven symphonies. The price elasticity of supply for these goods is _____
a. infinite b. nonexistent c. negative d. zero e. unity
The theory of liquidity preference illustrates the principle that
a. monetary policy can be described either in terms of the money supply or in terms of the interest rate. b. monetary policy can be described either in terms of the exchange rate or the interest rate. c. monetary policy must be described in terms of the money supply. d. monetary policy must be described in terms of the interest rate.