The number of people who have gray hair is very high among residents living in Florida. A student concludes that living in Florida causes hair to turn gray. What is the flaw in this student's reasoning?
A) The student is drawing a false conclusion by making the mistake of omitting critical variables such as the age and gender of the residents.
B) The student is using an inadequate sample size.
C) The student is drawing a false conclusion; he is confusing cause and effect.
D) The student has failed to take into account other causes of gray hair.
Answer: C
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In the endogenous growth model presented in the text, an increase in the fraction of time accumulating human capital
A) increases the growth rate of human capital and increases the growth rate of output. B) increases the growth rate of human capital and decreases the growth rate of output. C) decreases the growth rate of human capital and increases the growth rate of output. D) decreases the growth rate of human capital and decreases the growth rate of output.
Total revenue cannot be derived from the demand curve or a demand schedule.
Answer the following statement true (T) or false (F)
The concept that explains the firm's ability to produce output with differing bundles of resources is called
a. Resource heterogeneity b. Resource immobility c. Barriers to entry d. Imitability
_____ is the only type of firm where it is possible for a person to hold all of the information that matters for all types of decisions
a. Corporation b. A firm where decision-making is centralized c. Sole proprietorship d. A firm where there is separation of ownership and management