In time series data, it is useful to think of a randomized controlled experiment
A) consisting of the same subject being given different treatments at different points in time
B) consisting of different subjects being given the same treatment at the same point in time
C) as being non-existent (this is a time series after all, and there are no real "parallel universes"
D) consisting of the at least two subjects being given different treatments at the same point in time
Answer: A
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The economic growth rate is measured as the
A) amount of real GDP. B) annual percentage change of the population. C) amount of population. D) annual percentage change of real GDP. E) annual percentage change of employment.
So long as the actual market price exceeds the equilibrium market price, there will be
A. excess demand. B. a shortage. C. upward pressure on the price. D. downward pressure on the price.
Refer to Scenario 9.5 below to answer the question(s) that follow. SCENARIO 9.5: Investors put up $520,000 to construct a building and purchase all equipment for a new restaurant. The investors expect to earn a minimum return of 10 percent on their investment. The restaurant is open 52 weeks per year and serves 900 meals per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $1,000 per week in other fixed costs. Variable costs include $1,000 in weekly wages and $600 per week for materials, electricity, etc. The restaurant charges $3 on average per meal. Refer to Scenario 9.5. In the short run, if the restaurant shuts down, its losses will equal its ________ costs of ________.
A. variable; $1,600 B. fixed; $2,000 C. total; $3,600 D. fixed; $1,000
In country A the opportunity cost of 1 paper clip is:
If Countries A and B produce only either rubber bands or paper clips, their maximum outputs are shown in the production possibilities schedules below:
A. 2 rubber bands
B. 1 rubber band
C. 1/2 rubber band
D. 1/4 rubber band