In medieval Europe, small farmers held their land in several scattered plots, even though this created obvious inefficiencies. Which of the following is an economic explanation of such behavior? a. Medieval farmers did not use rational decision making. b. Medieval farmers were not as clever as their modern counterparts. c. Medieval farmers were attempting to reduce their risk. d. Medieval farmers put up with scattering as a natural consequence of marriage and inheritance.
a. Medieval farmers did not use rational decision making.
b. Medieval farmers were not as clever as their modern counterparts.
c. Medieval farmers were attempting to reduce their risk.
d. Medieval farmers put up with scattering as a natural consequence of marriage and inheritance.
c. Medieval farmers were attempting to reduce their risk.
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When the value of nominal GDP increases from one year to the next, we know that one or two things must have happened during that time:
A) The nation produced fewer goods and services and/or prices fell for goods and services. B) Consumption expenditure increased and/or corporate profits increased. C) Investment increased and/or payments to employees increased. D) The nation produced more goods and services and/or prices rose for goods and services. E) the value of real GDP must have increased and/or the price level must have decreased.
If ink and cartridge are consumed in specific proportion, the indifference curve for ink and cartridge is likely to be _____
a. a straight line b. downward sloping c. L-shaped d. U-shaped
If an American traveling abroad can obtain 115 euros for $100 U.S. the current euro per $ exchange rate is:
A. 1euro/1.15$. B. 1.15 euros/$. C. 115euros/$. D. 0.870 euros/$.
A forecaster used the regression equationQt = a + bt + c1D1 + c2D2 + c3D3and quarterly sales data for 1996 I - 2013 IV (t = 1, ..., 64) for an appliance manufacturer to obtain the results shown below. Q is quarterly sales, and D1, D2 and D3 are dummy variables for quarters I, II, and III. 
The estimated QUARTERLY increase in sales is ________ units, and the estimated ANNUAL increase in sales is ________ units.
A. 1.5; 40 B. 1.5; 6 C. 1.4; 4 D. 30; 4 E. none of the above