Maximizing average profit is equivalent to maximizing total profit
Indicate whether the statement is true or false
FALSE
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A variable that is potentially affected by an experimental treatment is referred to as a(n):
A) compulsory variable. B) omitted variable. C) independent variable. D) dependent variable.
The marginal product of a country's workers increases during summer due to the pleasant weather. Which of the following is likely to happen in this case, assuming all else equal?
A) The country's labor demand curve will shift to the left in summer. B) There will be a downward movement along the labor demand curve. C) There will be an upward movement along the labor demand curve. D) The country's labor demand curve will shift to the right in summer.
We all behave as speculators in our economic transactions
A) because everyone likes to gamble. B) because we all act in the hope of benefits from a correct anticipation of future events. C) unless we never buy on credit. D) unless we use the services of middlemen.
The following data are estimates describing Ireland's economy in 2006 and 2007 (in millions of euros, in constant prices):
2006 2007 Consumption 84,000 89,000 Government expenditure 24,000 26,000 Investment 48,000 48,000 Exports 142,000 151,000 Imports 123,000 128,000 Subsidies 1,800 1,900 Taxes 500 500 Which of the following is TRUE regarding Ireland's economy? A) The change in GDP from 2006 to 2007 represented a peak in the business cycle. B) GDP decreased from 2006 to 2007. C) Net exports decreased from 2006 to 2007. D) Consumption was 48 percent of Ireland's GDP in 2007.