In the year 2020, Alpha has a real GDP of $80 billion and Omega has a real GDP of $10 billion. If Alpha has a growth rate of 2% and Omega has a growth rate of 4%, in what year will Omega catch up to Alpha?
A. 2018
B. 2108
C. 2024
D. 2092
Answer: B
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If you are testing the null hypothesis, you are testing
A) the hypothesis that the coefficient for an explanatory variable is zero and therefore has no impact on your results. B) whether or not price should be set to 0. C) the relationship between the t-statistic and the standard error. D) the hypothesis that setting a given price will yield no increase in profits.
The paradox of planning is that it can:
a. Both create and relieve stress b. Produce anxiety c. Provide economic supply and demand d. Be only a short-term fix
Suppose that only one curve shifts. If you observe that the equilibrium price and equilibrium quantity decreased, then the market experienced a(n):
A. decrease in supply. B. increase in demand. C. increase in supply. D. decrease in demand.
Refer to Figure 8.1. Which graph best represents a variable cost function?
A. A
B. B
C. C
D. D