If a random sample is drawn at each time period, pooling the resulting random samples gives us a panel data set.
Answer the following statement true (T) or false (F)
False
Rationale: FEEDBACK: If a random sample is drawn at each time period, pooling the resulting random samples gives us an independently pooled cross section.
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A firm will break even when
A) P > ATC. B) P = ATC. C) P = AVC. D) P < AVC.
Suppose the only two goods that Lorenzo consumes are wine and cheese. When wine sells for $10 a bottle and cheese sell for $10 a pound, he buys 6 bottles of wine and 4 pounds of cheese — spending his entire income of $100 . One day the price of wine falls to $5 a bottle, and the price of cheese increases to $20 a pound, while his income does not change. If you illustrate wine on the vertical
axis and cheese on the horizontal axis, then a. the slope of Lorenzo's budget has not changed. b. the slope of Lorenzo's budget constraint is flatter at the new prices. c. the slope of Lorenzo's budget constraint is steeper at the new prices. d. Lorenzo's budget constraint has shifted in a parallel fashion to the budget constraint with the old prices.
According to the classical economists, if the quantity of money that people wanted to save was less than the amount that people wanted to invest,
A. the interest rate would fall. B. the interest rate would rise. C. this situation would cause hyperinflation. D. this situation would cause stagflation.
Producer surplus increases as the price of a good decreases.
Answer the following statement true (T) or false (F)