According to the textbook, when claim they are using the cost-plus-markup formula, they
A) usually choose a 10 percent markup
B) usually choose a 50 percent markup
C) usually choose a 100 percent markup
D) might not be correctly describing their price-setting behavior.
D
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Which of the following is an input in the circular flow diagram for an economy with two sectors?
a. A resource labor from the household sector b. A good supplied from the firm sector c. The revenue earned by the firm sector d. The income earned by the household sector
Which of the following models is used quite often to capture decreasing or increasing marginal effects of a variable?
A. Models with logarithmic functions B. Models with quadratic functions C. Models with variables in level D. Models with interaction terms
An upward-sloping supply curve implies that:
A. quantity supplied increases when price decreases. B. there is no relationship between price and quantity supplied. C. quantity supplied increases when price increases. D. the law of supply is invalid.
You have observed that every time you do 30 minutes of cardio exercise before taking an exam you get an A. You therefore conclude that to get an A on an exam, all you have to do is 30 minutes of cardio exercise before you take an exam. You have committed the
A. post hoc, ergo propter hoc fallacy. B. fallacy of division. C. fallacy of inductive reasoning. D. fallacy of logic.