Which of the following examples would most likely be subject to selection bias?
A. 60 members of a 100-member neighborhood homeowners' association vote to approve funding for private security patrols in their neighborhood.
B. 500 University of Wisconsin students are polled on their opinion about a possible tuition hike at their school.
C. 750 National Rifle Association members are questioned to obtain the public's opinion about pending federal legislation regarding stricter gun control laws.
D. 1,000 registered voters in Nashville are called and asked who they are planning to vote for in the upcoming Nashville mayoral election.
Answer: C
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To aggregate 300 tons of steel, 5,000 bushels of wheat, and 1 million barrels of crude oil, economists add together the ________ of the three products
A. number of tons, bushels, and barrels B. units C. weight D. dollar value
Suppose the exchange rate between the U.S. dollar and the Mexican peso was $1 = 5 pesos. A can of Pepsi sells for $2 in Boston and for 12 pesos in Mexico City
A) Purchasing power parity prevails with these prices. B) Purchasing power parity does not prevail with these prices. C) The U.S. dollar would be expected to depreciate. D) None of the above answers is correct.
Suppose the country of Maverick has specialized in the production of a good but has not yet entered into trade. At this point in time, Maverick has
A. Moved to a level of consumption outside its production possibilities curve. B. Moved along its existing production possibilities curve. C. Moved to a level of production outside its production possibilities curve. D. Shifted its production possibilities curve outward.
Economic profit is the best measure of a firm's performance because
A. economic profit fully accounts for all sources of revenue. B. the opportunity cost of using ALL resources is subtracted from total revenue. C. normal profit is generally too difficult to measure. D. only explicit costs influence managerial decisions since, in general, only explicit costs can be subtracted from revenue for the purposes of computing taxable profit.