A contour map illustrates which of the following?
a. the cause-effect relationship between two variables
b. the cause-effect relationship between three variables
c. the way that three variables are correlated
d. the way that one variable affects another, which in turn affects a third variable
e. the way that two variables are correlated and in turn cause changes in a third variable
c
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In a production possibilities frontier graph, the cost of producing more units of a good is measured by the
A) dollar value of the additional output. B) area in the arc between the PPF and a straight line drawn between the starting point and the ending point. C) dollar value of the resources used to produce the good. D) amount of the other good or service that must be forgone. E) None of the above answers is correct.
Suppose the exchange rate of the U.S. dollar was 1.00 euro = $0.50 on Thursday, and on Friday the exchange rate was $1.00 = 2.10 euros. Which of the following best explains what has happened between Thursday and Friday?
A) The U.S. dollar appreciated against the euro. B) The euro appreciated against the U.S. dollar. C) The U.S. dollar depreciated against the euro. D) Both answers B and C are correct.
Which is of the following is an example of a progressive tax?
a. An excise tax on a luxury good b. An income tax whose rate increases as income increases c. Medicare tax, which is a percentage of income d. A payroll tax that does not increase beyond a certain level of income
Which of the following is not a reason the New York Federal Reserve Bank president always gets to vote at the Federal Open Market Committee meetings?
a. New York is the traditional financial center of the U.S. economy. b. All Fed purchases and sales of bonds go through the New York Fed's trading desk. c. New York has higher population than other cities in the U.S. d. All of the above are reasons.