Refer to the accompanying figure. If this restaurant goes from producing 20 to 25 pizzas per hour, then which of the following statements is true?
A. It has to give up exactly 25 salads.
B. It has to give up exactly 12.5 salads.
C. It has to give up more than 12.5 salads.
D. It has to give up fewer than 12.5 salads.
Answer: D
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The aggregate expenditure line is upward sloping since as GDP increases,
A) consumption increases B) investment increases C) government purchases increase D) net exports increase
Distinguish the concepts of comparative advantage and absolute advantage
What will be an ideal response?
Economists began carefully calculating GDP
a. simply because the data was available b. to determine the contribution of specific firms to the economy c. as a result of the problems during the Great Depression d. to make sure that firms were being productive e. to gain insight into the causes of unemployment
Which of the following types of sampling always causes bias or inconsistency in the ordinary least squares estimators?
A. Random sampling B. Exogenous sampling C. Endogenous sampling D. Stratified sampling