A variable measures:
A. something that always has the same value.
B. something that can take on different values.
C. factors that occur with high degrees of uncertainty.
D. the degree to which something varies over time.
Answer: B
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A rise in the price level brings a ________ in the buying power of money that ________ consumption expenditures and causes the quantity of real GDP demanded to ________
A) fall; decreases; decrease B) fall; increases; increase C) rise; increases; increase D) rise; decreases; decrease E) fall; decreases; increase
Product differentiation involves making a product that is
A) slightly different from the products of competing firms. B) no different than the products of competing firms. C) very different from the products of competing firms. D) completely different from the products of competing firms. E) cheaper than the products of competing firms.
In a call center, which of the following situations can be considered as a variable input in the short run?
A) the level of computer software being utilized B) the number of call center representatives on duty at the center C) the number of call center managers or supervisors D) the size (e.g., square footage) of the call center
An inferior good is one for which
A) demand increases as income increases. B) demand decreases as income increases. C) the demand curve is vertical. D) the demand curve slopes up.