Suppose Larry's Lariats produces lassos, and uses nine feet of rope to make each lasso. The rope is put into a machine that automatically cuts it to the right length, then seals the ends to prevent fraying. The rope is then hand tied, dipped, and wound before being placed in a packaging machine to prepare it for retail sale. The total costs for this company would include:
A. the cost of rope.
B. employee's wages.
C. the rope-cutting machine.
D. All of these expenses would be included in total cost.
D. All of these expenses would be included in total cost.
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Ham and eggs are complements. If the price of ham rises, the demand for eggs will
A) increase or decrease but the demand curve for ham will not change. B) decrease and the demand curve for ham will shift rightward. C) not change but there will be a movement along the demand curve for eggs. D) decrease and the demand curve for eggs will shift leftward.
The horizontal axis in a graph
A) measures time in a scatter diagram. B) measures the quality of a variable. C) is named the y-axis. D) is named the x-axis.
In which of the following econometric problems do we find Durbin-Watson statistic being far away from 2.0?
a. the identification problem b. autocorrelation c. multicollinearity d. heteroscedasticity e. agency problems
Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point directly to the left of it. Assuming that the PPF has not shifted, this could be due to
A) a gain of resources. B) a loss of resources. C) technological improvement in the production of both goods. D) a new law that interferes with productive efficiency.