Sensitivity analysis is restricted to natural sciences.
Answer the following statement true (T) or false (F)
False
Rationale: FEEDBACK: Sensitivity analysis can be used for social sciences as well.
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In a closed economy, if the goods market is in equilibrium, national saving is $2 trillion, national consumption is $7 trillion, and government purchases are $2.5 trillion, then GDP equals
A) $7 trillion. B) $9.5 trillion. C) $11.5 trillion. D) Not enough information has been provided to determine the answer.
Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If three bidders show up at the auction and two of the bidders are low value, what would the winning price be?
a. Just above $100 b. $100 c. Just above $70 d. $70
A reduction in the marginal tax-rate includes an income effect that tends to increase savings
a. True b. False Indicate whether the statement is true or false
If the price a buyer pays for a good is $50 and the maximum price she would be willing and able to pay is $53, then ____________ is _______________
A) producers' surplus; $103 B) consumers' surplus; $103 C) consumers' surplus; $3 D) producers' surplus; $3 E) consumers' surplus; $40