When a variable is determined by a factor inside of the function or model being evaluated, it is said to be
A) endogenous.
B) exogenous.
C) unexplained.
D) statistically insignificant.
A
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By drawing a demand curve with price on the vertical axis and quantity on the horizontal axis, economists assume that the most important determinant of the demand for a good is
A) consumer tastes and preferences. B) the quality of the good. C) the price of the good. D) consumer income.
Oligopoly differs from perfect competition and monopolistic competition in that
A) demand and marginal revenue curves are more useful for analyzing oligopoly than they are for analyzing perfect competition and monopolistic competition. B) the concentration ratios of oligopoly industries are lower than they are for perfectly competitive and monopolistically competitive industries. C) barriers to entry are lower in oligopoly industries than they are in perfectly competitive and monopolistically competitive industries. D) because oligopoly firms often react when other firms in their industry change their prices, it is difficult to know what the oligopolist's demand curve looks like.
Growth in real GDP per hour worked in the United States was slowest during what period of time?
A) 1900-1949 B) 1950-1973 C) 1974-1995 D) 2006-2014
Invention and innovation are not the same thing. ______ are useless until _______ transforms them into goods and services that people find valuable.
Fill in the blank(s) with the appropriate word(s).