If the total sum of squares (SST) in a regression equation is 81, and the residual sum of squares (SSR) is 25, what is the explained sum of squares (SSE)?
A. 64
B. 56
C. 32
D. 18
Answer: B
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A country's long-run aggregate supply curve will shift to the left when there is (are)
A) fewer regulatory impediments to business. B) a discovery of new oil reserves in that country. C) a reduction in the labor force. D) a reduction in the money supply.
The slope of an indifference curve tells us:
A. the marginal utility the consumer receives from consuming an additional unit of a good. B. how much of one good is required to compensate the consumer for giving up some of another good. C. the amount of utility a consumer receives from consuming a bundle of goods. D. the rate at which utility changes as more of one good is consumed.
If Utopia opened itself to trade it would
A. export 450 cases of tile per year. B. import 150 cases of tile per year. C. export 100 cases of tile per year. D. import 250 cases of tile per year.
For each surfboard that Australia produces, it gives up the opportunity to make 25 boomerangs. New Zealand can produce 1 surfboard for every 15 boomerangs it produces
Which of the following is true about the comparative advantage between the two countries? A) Australia has the comparative advantage in producing surfboards. B) New Zealand has the comparative advantage in producing surfboards and boomerangs. C) Australia has the comparative advantage in producing boomerangs. D) New Zealand has the comparative advantage in producing boomerangs.