Time-series data
A. may exhibit trend and cyclical variation at the same time.
B. may exhibit trend or cyclical variation, but not both at the same time.
C. show the behavior of a particular variable over time.
D. both a and b
E. both a and c
Answer: E
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In 1994, the state of California suffered a devastating earthquake. To help pay for the damages, the state raised its sales tax by one cent per dollar of expenditure on most consumer goods
This state sales tax is an example of what economists call: A) an ad valorem tax. B) a specific tax. C) a neutral tax. D) a negative tax. E) none of the above
Long-lasting resources used to expand the production of goods and services in the future are called
a. consumables. b. capital goods. c. consumer durables. d. inventories.