If Real GDP Helps to Predict the Path of a Particular

question 17

Multiple Choice

If real GDP helps to predict the path of a particular macroeconomic variable,it is said to be a

• A) conventional variable.
• B) coincident variable.
• C) leading variable.
• D) lagging variable.

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Definitions:

Competition

The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix.

Independently Acting Buyers

are consumers who make purchasing decisions based on their own preferences and circumstances, without coordinating with others.

Freedom to Enter

The condition in a market where new firms can enter the industry without facing prohibitive barriers or regulations.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing between options.