If we have a small standard error, then
A) the estimated coefficient is small.
B) the true demand function has imprecise coefficients.
C) the expected variation of the estimated coefficient is small.
D) the estimated coefficients are imprecise indicators of the true values.
C
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Based on the figure above, if the firm produces 7 cans per day, the firm ________ maximizing its profit and is ________
A) is; incurring an economic loss B) is; making a normal profit C) is; making an economic profit D) is not; incurring an economic loss E) is not; making a normal profit
If four large commercial contractors meet and agree that only one of the four contractors will submit a bid on a large government road contract, this is best defined as ________.
A) bid suppression B) output restriction C) market division D) bid rigging
If the economy is in a recession, the Fed could:
A. buy bonds through open market operations to increase spending in the economy. B. sell bonds through open market operations to increase spending in the economy. C. increase the discount rate so banks will increase their lending in the economy. D. increase the reserve requirement to increase confidence in the financial system.
When the current price of a good is below the equilibrium price:
A. there will be excess supply. B. buyers have an incentive to offer to pay sellers more than the current price. C. the price will tend to stay below the equilibrium price. D. sellers will notice their inventories are growing.