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 most statistically significant?
A. Survey 1
B. Survey 2
C. Survey 3
D. Survey 4
Answer: B
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All of the following are understandable economic reasons for reductions in consumer spending on durable goods except
A) economic uncertainty. B) increases in personal income taxes. C) declines in wealth levels. D) falling interest rates.
Two reasons why a few individuals earn very high pay in the sports and entertainment fields are that their
a. marginal productivity is high and entry into those industries is restricted b. marginal productivity is high and the cross-elasticity of demand between their services and the services of other employees is also high c. marginal productivity is high and there is open competition for their talents d. wage elasticity of supply is high and there is open competition for their talents e. marginal productivity is high and they are prohibited from changing employers
Almost all event markets forecast accurately
Indicate whether the statement is true or false
Depreciation is: a. income earned but not received
b. an allowance for the replacement of capital. c. income received but not earned. d. an indirect business tax.