Refer to the information provided in Scenario 22.6 below to answer the question(s) that follow.SCENARIO 22.6: Following is information pertaining to four surveys:Survey 1: 50 pre-law students at Vanderbilt University are surveyed for a study to see if taking an LSAT preparation course was effective in improving their chance of being admitted to law school.Survey 2: 600 newly hired Houston-area elementary school teachers are surveyed for a study to determine how much salary they were willing to sacrifice to get a job teaching in a school with a high-quality reputation.Survey 3: 950 people are surveyed 6 months after buying a new car for a study to see how satisfied they are with their purchase.Survey 4: 75 people are surveyed in front of 5 different casinos on the Las Vegas Strip fo a
study to determine the average daily gambling budget of a Las Vegas visitor.Refer to Scenario 22.6. Of the four surveys, which is likely to be the least statistically significant?
A. Survey 1
B. Survey 2
C. Survey 3
D. Survey 4
Answer: D
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The number of corn producers increases, so the supply of corn ________ and the supply curve of corn ________
A) increases; does not shift B) increases; shifts rightward C) decreases; shifts leftward D) increases; shifts leftward E) decrease; shifts rightward
The price level rises in the short run if
a. aggregate demand or aggregate supply shifts right. b. aggregate demand shifts right or aggregate supply shifts left. c. aggregate demand shifts left or aggregate supply shifts right. d. aggregate demand or aggregate supply shifts right.
In the long run, a monopolistically competitive firm that trades internationally ____________ than it would in autarky.
a. will produce more output b. will earn more monopoly profits c. will have higher average costs d. will produce more output and earn more monopoly profits
The figure below shows a shift in the production-possibility curve of a country from AB to AC. Here, S1 and C1 are the initial production and consumption points, respectively. S2 and C2 are the final production and consumption points, respectively. Which of the following is illustrated by this figure?
A. The benefits of trade in a small country B. The mechanism of reversal in trade pattern C. The immiserizing growth effect in a large country D. The validity of the product cycle hypothesis