A country temporarily producing a combination of 12 units of guns and 5 units of butter would be ________________ (outside/on/inside) the production possibilities curve.
outside
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The marginal product of labor is always ________ and it ________ as the labor stock increases
A) positive; increases B) positive; decreases C) negative; increases D) negative; decreases
The assumptions underlying the simple linear regression model are:
a. the value of the dependent variable Y is postulated to be a random variable b. a theoretical straight-line relationship exists between X and the expected value of Y c. associated with each value of X is a probability distribution d. the disturbance term is assumed to be an independent random variable e. a through c f. b through d
Each firm in a perfectly competitive industry is
A) producing a unique product. B) relatively large. C) a price taker. D) a price maker.
In order for the government to collect taxes, the government must first establish a(n)
A) ad valorem taxation. B) tax base. C) philosophy of taxation. D) justice system.