"Ceteris paribus" is a Latin expression that means "holding everything else constant."
a. True
b. False
Indicate whether the statement is true or false
True
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The marginal product of labor is the increase in total product from a
A) one unit increase in the quantity of labor, while holding the quantity of other inputs constant. B) one unit increase in the quantity of labor, while also increasing the quantity of other inputs by one unit. C) one dollar increase in the wage rate, while holding the price of other inputs constant. D) one percent increase in the wage rate, while also increasing the price of other inputs by one percent.
Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
What will be an ideal response?
The manufacturer of Beanie Baby dolls used quarterly price data for 2005 I - 2013 IV (t = 1, ..., 36) and the regression equationPt = a + bt + c1D1t + c2D2t + c3D3tto forecast doll prices in the year 2014. Pt is the quarterly price of dolls, and D1t, D2t, and D3t are dummy variables for quarters I, II, and III, respectively. 
At the 2 percent level of statistical significance, the results indicate that price in the ________ quarter is significantly lower than in any other quarter.
A. 1st B. 2nd C. 3rd D. 4th
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.