Long-run average cost of the perfectly competitive firm includes the
A. cost of raw materials per unit of output.
B. opportunity cost of labor per unit of output.
C. opportunity cost of capital per unit of output.
D. All of the responses are correct.
Answer: D
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A depreciation of the South Korean won against the U.S. dollar will
A. Raise the dollar price of Korean goods. B. Lower the won price of Korean goods. C. Raise the won price of U.S. goods. D. Lower the dollar price of U.S. goods.
A mixed strategy means a player:
A. makes random moves in a simultaneous game. B. mixes random moves with nonrandom moves. C. makes random moves in a sequential game. D. mixes optimal and suboptimal moves to confuse her opponent.
Between 1947 and 2011,
A) Exports decreased and imports decreased. B) Exports and imports increased. C) The current account surplus rose. D) The current account deficit fell.
A 95% confidence set for two or more coefficients is a set that contains
A) the sample values of these coefficients in 95% of randomly drawn samples. B) integer values only. C) the same values as the 95% confidence intervals constructed for the coefficients. D) the population values of these coefficients in 95% of randomly drawn samples.