Selection bias can distort the results of research studies.
Answer the following statement true (T) or false (F)
True
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An increase in ________ increases potential GDP and ________ aggregate supply
A) the money price of oil; decreases B) the money wage rate; decreases C) the money wage rate; increases D) technology; decreases E) technology; increases
"When countries specialize in producing the good in which they have a comparative advantage and then trade with each other, only the country with the absolute advantage gains
" Is the previous statement correct or incorrect? Briefly explain your answer.
Externalities occur
A) only when a person acts out of greed. B) only when a person acts out of selfish interest. C) only when a person is concerned with personal profit. D) only when the decision maker does not take into account all the benefits or costs from an action.
A car that is produced in 2016 is not sold until 2017. According to the definition of GDP, in which year's GDP should it be counted?
A) Half of the sales price will count as part of 2016 GDP and half will count as part of 2017 GDP. B) The production cost will count as part of 2016 GDP while the sales price will count as part of 2017 GDP. C) 2017 D) 2016