The test statistic used to test the hypothesis of whether a regression coefficient is significantly different from zero, holding all other independent variables constant, is called a(n):
A) F-test.
B) autocorrelation test.
C) multicollinearity test.
D) t-test.
D
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Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets. Which method of allocation best describes the choice to purchase the sets?
A) force B) sharing equally C) command D) majority rule E) lottery
Keesha consumes only milkshakes and burgers. Once at her consumer equilibrium, what would happen if she changed her consumption by purchasing one more milkshake and one fewer burger?
A) The marginal utility of a burger would decrease. B) The marginal utility of a milkshake would increase. C) The total utility from the consumption of both goods would decrease. D) all of the above
Constant returns to scale (CRS) implies that ________
A) increasing all the factor inputs by the same percentage lead to the same percentage increase in output B) increasing all the factor inputs by the same percentage lead to a higher percentage increase in output C) increasing all the factor inputs by the same percentage lead to a lower percentage increase in output D) increasing all the factor inputs by the same percentage leaves output unchanged E) none of the above
A firm combines two resources, X and Y, to produce an output level Q in a purely competitive market. The cost of a unit of X is $15 and the cost of a unit of Y is $8. The marginal product of X is 30 units and the marginal product of Y is currently 24
units at output level Q. What would you recommend that the firm do given this resource combination? What will be an ideal response?