Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. Suppose the economy is initially at Point A. An expansionary fiscal policy moves the economy to Point ________ in the short run.
A. E
B. B
C. C
D. D
Answer: C
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The extended least squares assumptions are of interest, because
A) they will often hold in practice. B) if they hold, then OLS is consistent. C) they allow you to study additional theoretical properties of OLS. D) if they hold, we can no longer calculate confidence intervals.
Which of the following demonstrates the law of supply?
a. When leather became more expensive, belt producers decreased their supply of belts. b. When car production technology improved, car producers increased their supply of cars. c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. d. When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup.
From which country did the United States import the most in 2015?
A. Canada B. Mexico C. Japan D. China
Which of the following statements is true about revenue?
A) Revenue is the total amount received for selling a good or service. B) Revenue is calculated by dividing the price per unit by the number of units sold. C) The terms "revenue" and "profit" can be used interchangeably. D) A firm's revenue will increase as its costs increase.