A PPF is bowed outward as a result of
A) constant opportunity costs.
B) increasing opportunity costs.
C) decreasing opportunity costs.
D) scarcity.
E) choice.
B
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If a new and better good replaced an older and less expensive good, then the price level measured by the CPI ________
A) is lower than the actual price level B) is higher than the actual price level C) might be either higher or lower than the actual price D) is the same as the actual price level because it measures the prices of the actual goods
In the U.S. what occupation has the highest percentage of unionized workers?
a. Manufacturing industry b. Federal government c. Local governments d. Service industry
Suppose that X and Y are substitutes. If the price of Y increases, how will this change the market equilibrium for X?
a. Equilibrium price declines, and equilibrium quantity rises. b. Equilibrium price rises, and equilibrium quantity falls. c. Equilibrium price and quantity both decline. d. Equilibrium price and quantity both rise.
Composite error is the error that occurs due to _____.
A. the incorrect measurement of explanatory variables B. the inclusion of too many explanatory variables in the model C. correlation between the independent variables D. unobserved factors affecting a dependent variable