The level of U.S. exports depends ________ the level of income in other countries.
A. indirectly on
B. directly on
C. entirely on
D. inversely with
Answer: B
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A price floor set above the equilibrium price leads to a(n) ________
A) excess demand for goods in the market B) excess supply of goods in the market C) increase in social well-being D) positive externality
Employing Figure 4-2 above, the money market is initially in equilibrium at point G and after the economy moves to equilibrium, the Federal Reserve increases the money supply by 500. We would observe
A) the interest rate first rises to 7.5% and Y to 3500. B) the interest rate first rises to 7.5% then falls to 5%. C) Y rises to 4000 as interest rates remain stable. D) the economy moves from point G to C, to F then D.
If you are using a 95% confidence interval and the absolute value of the t-statistic is larger than the critical value, then
A) we accept the null hypothesis at a 95% confidence level. B) we reject the null hypothesis at a 95% confidence level. C) we will be wrong less than 5% of the time if we accept the null hypothesis. D) we will be wrong 95% of the time if we reject the null hypothesis.
Refer to Scenario 7.3. What is the total cost of producing 200 units of output?
A) 100 B) 1000 C) 1500 D) 2000 E) none of the above