One person out of every 1000 is an economist and 90% of them are math oriented. If only 5% of the population is math oriented and you pick a person at random who happens to be math oriented, it is
A. likely that the person chosen is not an economist rather than an economist.
B. likely that the person chosen is an economist rather than an non-economist.
C. almost impossible the person will be an economist.
D. almost certain the person will be an economist.
Answer: A
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When increased government spending results in decreased consumer or business spending, the government spending is said to be crowding out the consumer and business spending
Indicate whether the statement is true or false
Which of these forms of financing is generally not employed by very large firms?
A) commercial paper B) medium-term notes C) public debt D) mezzanine funds
What is the correct equation if the oligopolists restrict joint output to Q* and set their price at P*?
a. MC > MR at Q*
b. MR = MC at Q*
c. MC = P* at Q*
d. MC = P* at Q*
When a consumer's willingness to buy a good or service is influenced by the number of people who have purchased that good or service, this is called
A. an advertising gimmick. B. a network effect. C. a switching cost. D. an opportunity cost.