Refer to the above figure. At a price of four cents, a(n) ________ of bubble gum will exist in the market.
A. shortage
B. equilibrium quantity
C. excess quantity demanded
D. surplus
Answer: D
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A forecaster used the regression equationQt = a + bt + c1D1 + c2D2 + c3D3and quarterly sales data for 1996 I - 2013 IV (t = 1, ..., 64) for an appliance manufacturer to obtain the results shown below. Q is quarterly sales, and D1, D2 and D3 are dummy variables for quarters I, II, and III. 
At the 5 percent level of significance, is there a statistically significant trend in sales?
A. Yes, because 2.14 > 0.05. B. Yes, because 0.700 > 0.05. C. No, because 0.0362 > 0.01. D. Yes, because 0.0362 < 0.05. E. both c and d
In a television advertisement for AFLAC supplemental health insurance, an ice skater says to his skating partner, "Do you want to try a triple jump?" She responds, "Why not, I have AFLAC." This response illustrates the:
A. principal-agent problem. B. adverse selection problem. C. moral hazard problem. D. free-rider problem.
If price discrimination enables sellers to increase net revenues, why don't all sellers try it? Because
A) some sellers can't manipulate their price. B) some sellers can't control resentment. C) some sellers can't prevent low-price buyers reselling to high-price buyers. D) of all the above reasons.
Because of the biases in calculating the CPI, actual inflation is
A) accurately measured. B) less than the measured inflation rate by about 1 percent per year. C) more than the measured inflation rate by about 1 percent per year. D) more than the measured inflation rate by about 1 percent per month.