The total sum of squares equals the sum of squares of the variation explained by the regression and the sum of squares of the errors
Indicate whether the statement is true or false
TRUE
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If the marginal benefit of the next slice of pizza exceeds the marginal cost, you will
A) eat the slice of pizza. B) not eat the slice of pizza. C) be unable to choose between eating or not eating. D) eat half the slice. E) More information is needed about how much the marginal benefit exceeds the marginal cost to determine if you will or will not eat the slice.
If the government enacts a tariff on a component imported by a domestic manufacturer from an international supplier, which of the following would be the best example of a disruptive outcome?
a. The manufacturer would pay a higher price for the component. b. The manufacturer would seek an alternative supplier for the component. c. The manufacturer would move production overseas to the country where the component is manufactured. d. The manufacturer would negotiate a lower price for the component.
The income approach to calculating GDP:
A. will generate the same answer as using the expenditure approach. B. is less accurate than using the expenditure approach. C. is more accurate than using the expenditure approach. D. is simpler to calculate than the expenditure approach.
Use the following graph to answer the next question.
Given the graph above, which level of output should the perfectly competitive firm choose?
A. X2, since at this level of output the difference between MR and MC is maximized B. X3, since any increase in output beyond that point will reduce profits C. X1, since a lower level of output will reduce profits D. either X1 or X3, since profits will be the same