Type I errors are
a. False negatives
b. False positives
c. True negatives
d. True positives
b
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The total amount of debt owed by the federal government is represented by the total value of the outstanding
A. U.S. government securities. B. bank loans and deposits. C. Federal Reserve notes. D. stocks and bonds.
Which of the following suggests that a competitive firm earns zero economic profits?
A) P = MC > ATC B) P > MC = ATC C) P = MC = ATC D) P > MC > ATC
Which of the following statements is incorrect?
a. The unemployment rate overstates the labor market's true level of economic hardship because many families have more than one income earner. b. It is mathematically and economically impossible for the unemployment rate and employment rate to rise at the same time. c. By reporting that they are "actively seeking work" when they are not, individuals cause the unemployment rate to rise above the true level of hardship. d. Because part-time workers are counted as fully employed the unemployment rate understates the true level of economic hardship.
Output for a simple production process is given by Q = 2KL, where K denotes capital, and L denotes labor. The price of capital is $25 per unit and capital is fixed at 8 units in the short run. The price of labor is $5 per unit. What is the total cost of producing 80 units of output?
A. $233 B. $525 C. $200 D. $225