Refer to the information provided in Table 36.3 below to answer the question(s) that follow. Table 36.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 36.3. Which of the following points is (are) the best fit for the given consumption function?
A. A
B. A, B, C and D
C. D and F
D. E
Answer: D
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Data for an economy show that the unemployment rate is 6 percent, the participation rate 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are employed in this economy?
A. 300 million B. 188 million C. 30 million D. 282 million
Price leadership
a. is a form of explicit collusion b. works only when firms have dominant strategies c. is a form of tacit collusion d. reduces long-run economic profit for individual firms e. rarely is effective in setting prices in oligopolistic markets
With random experiments, outcomes of specific interventions are are determined by using the intervention in a(n) ________ subset of a sample and then comparing outcomes from the exposed and control group.
A. previously tested B. randomly selected C. predetermined D. unrelated
Most economists believe that the aggregate supply curve is
A) upward-sloping in the short run, but vertical in the long run. B) upward-sloping in the long run, but vertical in the short run. C) upward-sloping in both the short run and in the long run. D) vertical in both the short run and in the long run.