The term "statistical significance" is commonly applied to a p-value of
A. ? 1.
B. ? 0.5.
C. ? 0.05.
D. ? 0.10.
Answer: C
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In general, individuals and nations should specialize in producing those goods for which they have a(n):
A. absolute advantage. B. absolutely comparative advantage. C. absolute advantage and a comparative advantage. D. comparative advantage.
A firm should never produce any output if
A) P < AVC. B) P < ATC. C) AR < ATC. D) MR < MC.
Answer the following statements true (T) or false (F)
1. As the economy expands, it requires less and less investment. 2. Keynes described a horizontal short-run aggregate supply curve when output can be increased by using unemployed resources. 3. As income increases, the absolute level of planned consumption will increase. 4. Keynes recommended the use of government deficit spending to overcome widespread unemployment. 5. A composite aggregate supply curve is horizontal at low levels of output, then upward sloping for higher levels of output until output reaches capacity and the AS curve becomes vertical.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.