Real GDP is another term for
A. current dollar GDP.
B. actual GDP.
C. constant dollar GDP.
D. tangible GDP.
Answer: C
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In the case of a linear demand curve, demand becomes more price elastic as price increases
Indicate whether the statement is true or false
Which of the following is the main reason why many countries with low living standards remain in that state?
a. The citizens of these countries often spend all of their resources on consumption goods instead of capital goods b. The citizens of these countries often spend all their resources on capital goods instead of consumption goods c. The citizens of these countries often spend all their resources on exported goods d. Insufficient population growth e. Lack of foreign aid
Which of the following are examples of product/service differentiation?
a. 24 hour dry cleaning service b. Michael Jordan endorses Nike c. Amazon's Prime Shipping d. All of the above are examples of product or service differentiation.
In a regression model, if variance of the dependent variable, y, conditional on an explanatory variable, x, or Var(y|x), is not constant, _____.
A. the t statistics are invalid and confidence intervals are valid for small sample sizes B. the t statistics are valid and confidence intervals are invalid for small sample sizes C. the t statistics and the confidence intervals are valid no matter how large the sample size is D. the t statistics and the confidence intervals are both invalid no matter how large the sample size is