Which of the following describes a demand curve?
a. It is a horizontal line.
b. It slopes downward from left to right.
c. It slopes downward from right to left.
d. It is bow-shaped.
Ans: c. It slopes downward from right to left.
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Based on the production data for Pat's Pizza Parlor in the above table, the marginal product of the 4th worker is ________ pizzas
A) 5 B) 8 C) 10 D) 45
A consumer buys food (F) and shelter (S). If the consumer's income rises and there is no change in the prices of F or S, the marginal rate of transformation of F for S will
A) increase. B) decrease. C) stay the same. D) change, but there is not enough information to know how.
In the case of Alan Bakke, the courts ruled that preferential admissions (rigid quotas) were acceptable
Indicate whether the statement is true or false
Analyzing the effect of minimum wage changes on teenage employment across the 48 contiguous U.S. states from 1980 to 2004 is an example of using
A) time series data. B) panel data. C) having a treatment group vs. a control group, since only teenagers receive minimum wages. D) cross-sectional data.