The significance level of a test is:
A. the probability of rejecting the null hypothesis when it is false.
B. one minus the probability of rejecting the null hypothesis when it is false.
C. the probability of rejecting the null hypothesis when it is true.
D. one minus the probability of rejecting the null hypothesis when it is true.
Answer: C
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Mrs. Lovejoy decides to invest in companies which she believes can produce their goods at the lowest possible cost. Mrs. Lovejoy is investing in companies that are
A) always going to be profitable. B) productively efficient. C) both productively and allocatively efficient. D) allocatively efficient.
Nowadays, most observers believe that monetary policy
a. is less important than fiscal policy. b. is more important than fiscal policy. c. and fiscal policy are equally important. d. and fiscal policy are both unimportant.
The construct used to demonstrate efficient use of society’s resources is the
A. production possibilities frontier. B. payoff matrix. C. input–output table. D. cost-benefit table.