When economists use the term Ceteris paribus, they are indicating that:
a. the relationship between two economic variables cannot be determined.
b. the analysis is true for the individual but not for the economy as a whole.
c. all other variables except the ones specified are assumed to be constant.
d. their conclusions are based on normative economics rather than positive economic analysis.
c
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Which of the following items serve as a medium of exchange in the United States?
I. $100 cash II. 50 euros III. the balance in your checking account IV. a $1,000 corporate stock that you own A) I only B) I and II C) I, II, and III D) I and III E) I, II, III, and IV
The opportunity cost of an activity
a. depends on the individual's subjective values and opinions b. is the same for everyone c. must be calculated and known before undertaking that activity d. is irrelevant to decision making e. is not related to time