An estimator is
A) an estimate.
B) a formula that gives an efficient guess of the true population value.
C) a random variable.
D) a nonrandom number.
Answer: C
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The paradox of value is illustrated by the fact that
A) a pound of bread is cheaper than a pound of gold. B) teens buy designer jeans. C) if diamonds were free they would no longer be useful for engagement rings. D) gold and diamonds occupy little space.
A central bank's international reserves consists of its holdings of
A) gold. B) silver and gold. C) foreign assets and gold. D) domestic assets and precious metals. E) foreign and domestic currency holdings.
Assume that when the price of good X is $7, quantity demanded is 25. When price is increased to $9, quantity demanded falls to 20. Based on this information, over the range in question demand is elastic
Indicate whether the statement is true or false
Suppose TC = 10 + (0.1 ? q2). If p = 10, the firm's profits will be
A) 240. B) 250. C) 260. D) -10 because the firm will shut down.