Average cost curves have the same basic shape as
A. total cost curves.
B. marginal cost curves.
C. total fixed cost curves.
D. average fixed cost curves.
Answer: B
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Experimental effects, such as the Hawthorne effect,
A) generally are not germane in quasi-experiments. B) typically require instrumental variable estimation in quasi-experiments. C) can be dealt with using binary variables in quasi-experiments. D) are the most important threat to internal validity in quasi-experiments.
The classical model does not do a good job of explaining short-run fluctuations in the level of economic activity
a. True b. False
Pete owns a shoe-shine business. Which of the following costs would be implicit costs? (i) shoe polish (ii) rent on the shoe stand (iii) wages Pete could earn delivering newspapers (iv) interest that Pete's money was earning before he spent his savings to set up the shoe-shine business
a. (i) and (ii) only b. (iv) only c. (iii) and (iv) only d. (i), (ii), (iii), and (iv)
The accumulation of scientific evidence can
A. resolve normative disputes. B. resolve positive disagreements. C. determine whether one person's gain is more important than another person's loss. D. always settle disputes over public policy.