What statement best describes the colonial economic experience?
a. The agricultural sector was initially a small portion of the economy, but quickly grew to be the largest sector.
b. By the time of the American Revolution, the U.S. colonial economy was larger than about 70 percent of other nation's economies.
c. The U.S. colonial economy was particularly hurt during the Seven Year's War.
d. Economic growth was irregular and averaged about 0.45% per year.
d. Economic growth was irregular and averaged about 0.45% per year.
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Which statement below is true for a price taker?
A) Marginal revenue can only be positive. B) Marginal revenue can only be negative. C) Marginal revenue can only zero. D) Marginal revenue can be positive, negative, or zero.
In perfect competition, why is a firm's marginal revenue curve also the demand curve for the firm's output?
What will be an ideal response?
The t-statistic is computed by
A) dividing the regression coefficient by the standard error of the estimate. B) dividing the regression coefficient by the standard error of the coefficient. C) dividing the standard error of the coefficient by the regression coefficient. D) dividing the R2 by the F-statistic.
The negative slope of an indifference curve means that the consumer must give up quantity of one good as the quantity of another good increases in order for total utility to ____
a. remain constant. b. increase c. decrease d. normalize.