An economist estimated the cross-price elasticity for peanut butter and jelly to be +1.5 . Based on this information, we know the goods are
a. inferior goods.
b. complements.
c. inelastic.
d. substitutes.
d
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Economic growth can be shown by ____________________ production possibilities curve.
A. an outward shift of the B. an inward shift of the C. a movement from one point to another along the D. a movement to a point inside the
Governments contribute to increased average labor productivity in each of the following ways except by:
A. allowing the free and open exchange of ideas. B. maintaining political stability. C. imposing taxes on wages. D. establishing well-defined property rights.
Time-series forecasting models:
a. are useful whenever changes occur rapidly and wildly b. are more effective in making long-run forecasts than short-run forecasts c. are based solely on historical observations of the values of the variable being forecasted d. attempt to explain the underlying causal relationships which produce the observed outcome e. none of the above
Economics is sometimes called the study of choice. This means we all make choices because of ______.
a. income b. opportunities c. scarcity d. surplus