Assuming the effect of a specific outcome being tested is zero is known as
A. the null hypothesis.
B. regression discontinuity.
C. a statistical anomaly.
D. a zero-sum game.
Answer: A
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A total product curve shows the
A. aggregate output of many firms in an industry. B. amount of product consumers will take off the market. C. maximum amount of product that it is technically possible to produce. D. relationship between units of inputs and total output.
The more human capital you have, the more likely you will:
A. be unemployable. B. earn more money. C. not benefit from specializing. D. All of these are true.
When diminishing returns are present,
a. total output increases at an increasing rate b. total output begins to decrease c. the marginal physical product curve begins to rise d. total output increases at a decreasing rate e. it's an indication that the firm is using too much labor
Which of the following are human capital and physical capital, respectively?
a. for a brick layer: her bricks and her tools b. for a gas station: the pumps and the cash register c. for a restaurant: the chefs' knowledge about preparing food and the equipment in the kitchen d. for a medical office: the building and the doctors' knowledge of medicine