A time-series graph
A) shows how a variable changes over time.
B) uses bars rather than lines.
C) shows points in a scatter diagram.
D) is similar to a cross-section graph because both can show trends over time.
E) is in the shape of a pie.
A
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Suppose an economy experiences a permanent increase in its expected inflation rate. As a result, there is
A) a downward shift of the short-run Phillips curve. B) a downward movement along the short-run Phillips curve. C) an upward movement along the short-run Phillips curve. D) no change at all to the short-run Phillips curve. E) an upward shift of the short-run Phillips curve.
A multi-plant firm has three plants and, at its current production levels, the marginal cost of production at each of the three plants is $2. If the firm is perfectly competitive and the market price of its product is $6, which of the following is true?
A) The firm should decrease output at each of the plants to maximize profit. B) The firm is producing the profit-maximizing total output. C) The firm should exactly triple output in each of the plants to maximize profit. D) The firm should increase output at each of the plants to maximize profit.
The Keynesian perspective focuses on the demand-side of the economy;
What will be an ideal response?
Empirical studies suggest that:
A. labor productivity has declined throughout U.S. history. B. technological advances account for about 40 percent of U.S. productivity growth. C. the achieving of economies of scale is the most important factor in U.S. economic growth. D. all U.S. economic growth from between 2001 and 2007 can be attributed to increases in the quantity of labor.