The size of the test
A) is the probability of committing a type I error.
B) is the same as the sample size.
C) is always equal to (1-the power of test).
D) can be greater than 1 in extreme examples.
Answer: A
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Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner, player salaries during the course of the season are then
A) variable costs. B) marginal costs. C) fixed costs. D) average costs.
The dollar shortage in international exchange markets in the early 1950's was related to
a. an outflow of gold from the United States. b. large surpluses in the U.S. balance of trade. c. large deficits in the U.S. balance of trade. d. both an outflow of gold from the United States and large surpluses in the U.S. balance of trade.
Elasticity differs from the slope as a measure of responsiveness to changes in prices because:
A. elasticity changes depending on the currency prices are measured in, but this does not affect the slope. B. percentage changes do not depend on the units of measurement, whereas the slope does. C. elasticity is only useful for describing demand, but the slope is useful for describing demand and supply. D. the slope is always negative, while elasticity is not.
Which of the following correctly describes the spending multiplier?
A. The initial change in consumption, investment, government spending, or net exports divided by the change in equilibrium GDP. B. An initial increase in aggregate expenditures divided by the equilibrium GDP. C. An initial increase in aggregate expenditures divided by the change in equilibrium GDP. D. The ratio of the change in real GDP to an initial change in any component of aggregate expenditures.