In the probit model, G is the:?
A. ?standard normal cumulative distribution function.
B. ?cumulative distribution of normal distribution function.
C. ?standard normal probability distribution function.
D. ?normal probability distribution function.
Answer: A
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The supply curve is a ________ line that reflects the ________ relationship between price and quantity supplied.
A. upward-sloping; direct B. upward-sloping; inverse C. downward-sloping; inverse D. downward-sloping; direct
Comparing the aggregate supply curve and the short-run Phillips curve, we see that they
A) both exist because real wage rate is fixed in the short run. B) both exist since money wages are flexible. C) each describe different parts of the economy. D) describe the same phenomena but contradict each other. E) both exist because money wage rate is fixed in the short run.
Which of the following best illustrates the medium of exchange function of money?
A) The price of a new car is $25,000. B) A penny saved is a penny earned. C) A person owes $10,000 on his or her credit card. D) You pay $3 to purchase a bag of apples.
The monopolistically competitive firm maximizes profit by producing to the point at which
A) ATC = AVC. B) MC = MR. C) MR = AR. D) MC = AR.