Most economic data are obtained
A) through randomized controlled experiments.
B) by calibration methods.
C) through textbook examples typically involving ten observation points.
D) by observing real-world behavior.
Answer: D
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In the classical model, a change in aggregate demand
A) causes changes in both the long-run real GDP and in the price level. B) causes a change in long-run real GDP but not in the price level. C) causes a change in the price level but not in the long-run real GDP. D) has no effect on either real GDP or the price level.
Assume the price of good X is Px, price of good Y is Py, and B is the budget. The formula for the budget line for these two goods is:
a. PyQy / PxOx. b. PxB + PyB = B. c. PxX + PyY = B. d. (1 ? Py / B) Px.
Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. If he only produced gloves, what would Dan's profit be if he produces the profit-maximizing quantity?
A. $2,000 B. $2,200 C. $2,500 D. $3,100
Economic mobility in the United States is
a. great, so many of those below the poverty line are there only temporarily. b. rare, so most of those below the poverty line are there for decades. c. rare, yet many of those below the poverty line are there only temporarily. d. unrelated to poverty.