When computing p-values,
A. both the size of the sample and variation in the population matter.
B. variation in the population matters, but the size of the sample does not matter.
C. the size of the sample matters, but variation in the population does not matter.
D. neither the size of the sample nor variation in the population matter.
Answer: A
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Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2013?
A) $49,500 B) $55,000 C) $47,000 D) $56,000
If an increase in income leads to an increase in the demand for sushi, then sushi is
A) a normal good. B) a complement. C) a neutral good. D) a necessity.
The main difference between a monopsonist and a competitive buyer of labor is that
A) the monopsonist can hire as many workers as it wants at the going wage while the competitive firm must raise wages to hire additional workers. B) the competitive firm can hire as many workers as it wants at the going wage while the monopsonist can hire more workers at lower wages. C) the competitor can hire as many workers as it wants at the going wage while the monopsonist must raise wages to hire additional workers. D) the monopsonist can force wages down and still hire as many workers as it wants while the competitive firm must increase the wage rate to hire additional workers.
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
a. marginal cost equals price. b. marginal cost equals marginal revenue. c. total revenue minus total cost is at a maximum. d. all of these.