An alternative to ________ is to rely on natural experiments to mimic the controlled experiment.
A. mirror experiments
B. manipulated experiments
C. predetermined experiments
D. random experiments
Answer: D
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The "marginal rate of substitution" between two goods is measured by:
A) the ratio of the market prices of the two goods. B) the number of units of a good consumed divided by the market price of the other good. C) the number of units of one good a consumer would give up to consume one more unit of another good, while holding total utility constant. D) the consumer's budget constraint divided by the price of each good.
The opportunity cost of production differs from an accounting definition of a firm's costs because it includes
a. expenditures the firm undertakes for research and development. b. the opportunity cost of assets and financial resources owned by the firm. c. the direct monetary cost of purchasing resources. d. the firm's revenue as a cost.
Which of the following statements is false?
A. The national debt is the sum of our deficits minus surpluses from George Washington's administration to the present. B. Half of the publicly held national debt is foreign owned. C. The national debt will have to be paid off eventually or the country will go bankrupt. D. Balancing the federal budget during a depression will make the depression worse.
Table 21.1Units of LaborUnits of Output00115235345452What is the marginal physical product of the second unit of labor in Table 21.1?
A. 17. B. 35. C. 5. D. 20.