A theory is a(n) __________ representation of how two or more variables interact with each other.
a. simplified
b. complex
c. alternative
d. contradictory
a. simplified
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An increase in supply will cause equilibrium price to __________ and equilibrium quantity to __________
a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decrease e. remain constant; increase
Between 1960 and 1995, Social Security benefits:
A. decreased from 35 percent down to 10 percent. B. increased from 10 percent to 35 percent. C. increased, decreasing the poverty rate among the elderly from 35 percent down to 10 percent. D. decreased, increasing the poverty rate among the elderly from 10 percent to 35 percent.
The purchasing power parity theory states that
A) exchange rates between any two currencies will adjust to reflect changes in the relative price level of the two countries. B) exchange rates between any two currencies will adjust to reflect change in the relative income growth rates of the two countries. C) the larger the economic growth rate in a country, the less likely its currency will depreciate in value. D) exchange rates cannot be compared over time. E) currencies appreciate as often as they depreciate.
This table shows the demand and supply schedule of a good.Price of GoodQDemandQsupply$0.005025$0.504026$1.003528$1.503131$2.002835$2.502740According to the table shown, at a price of $2.00 quantity demanded:
A. exceeds quantity supplied and a shortage exists. B. is less than quantity supplied and a surplus exists. C. exceeds quantity supplied and a surplus exists. D. is less than quantity supplied and a shortage exists.