The most important statistical tool in empirical economics is
A. intention to treat.
B. regression analysis.
C. difference-in-differences.
D. causation.
Answer: B
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Refer to the table above. If the market supply of labor per week when the wage rate is $100 is 125 hours, labor supplied by Jim per month at the wage rate is:
A) 12 hours. B) 30 hours. C) 50 hours. D) 75 hours.
In the figure above, suppose that Mac and Izzie specialize and trade to reach point c. Mac sends Izzie
A) 12 computers in exchange for 12 TVs. B) 12 computers in exchange for 6 TVs. C) 6 computers in exchange for 12 TVs. D) 6 computers in exchange for 6 TVs.
Of the types of business organizations in the United States, sole proprietorships account for the ________ percentage of firms and the ________ percentage of profits
A) smallest; smallest B) largest; largest C) smallest; largest D) largest; smallest
Average cost
A. is always larger than marginal cost. B. declines for some range of output, hits a minimum, and then increases. C. is always smaller than marginal cost. D. is total cost/price of the product.