Which of the following was not one of Malthus assumptions?
a. stable prices
b. production with only two inputs - land and labor
c. a fixed supply of land
d. human desire to increase the population
a
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Suppose the U.S. government encouraged new medical school graduates to take over existing practices from doctors wishing to retire by paying both the new and retiring doctors $100,000. These doctors would be exemplifying the economic idea that
A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.
Which of the following is not equal to total surplus?
a. consumer surplus - producer surplus b. buyers' willingness to pay - sellers' costs c. value to buyers - amount paid by buyers + amount received by sellers - cost to sellers d. value to buyers - cost to sellers
Which of the following is true?
A. In ordinary least squares estimation, each observation is given a different weight. B. In weighted least squares estimation, each observation is given an identical weight. C. In weighted least squares estimation, less weight is given to observations with a higher error variance. D. In ordinary least squares estimation, less weight is given to observations with a lower error variance.
If a box of Swiss chocolate priced at 100 francs can be purchased for $50, the exchange rate is:
A. 0.50 francs per dollar. B. 4.00 francs per dollar. C. 0.50 dollars per franc. D. 4.00 dollars per franc.