If the price falls and the total amount consumers spend on the good remains unchanged, then demand must be
A. unit elastic.
B. inelastic.
C. elastic.
D. perfectly inelastic.
Answer: A
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The binary variable interaction regression
A) can only be applied when there are two binary variables, but not three or more. B) is the same as testing for differences in means. C) cannot be used with logarithmic regression functions because ln(0) is not defined. D) allows the effect of changing one of the binary independent variables to depend on the value of the other binary variable.
Refer to the above figure. Which panel represents the long-run supply curve for a decreasing cost industry?
A) Panel A B) Panel B C) Panel C D) Panel D
Megan, an analyst in Ronald's team called in sick on a day when 4 projects were due for completion. Ronald divided Megan's work between the remaining six team-members. Which form of governance is being used here?
a. Etiquette b. Hierarchy c. Contract d. Market
The basic idea behind the 1996 changes in the welfare program was to
a. eliminate poverty in the United States b. eliminate the idea that welfare was an entitlement c. create a new class of workers in the United States d. eliminate the food stamp program e. provide the poor with jobs