Refer to Figure 4-3. What is the total amount that Kendra is willing to pay for 3 ice cream cones?
A) $2.50 B) $7.50 C) $9.00 D) $13.50
C
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What is the difference between the average cost per unit for 5 units and the marginal cost of the 5th unit?
a. 196 b. 86 c. 40 d. 110
Randomized controlled trials:
A. choose people randomly to measure the impact of a particular intervention, saving the cost of evaluating all participants. B. randomly assign people into control and treatment groups in order to focus on the impact of a particular intervention. C. control how much of a treatment is given to each participant in order to measure the ideal quantity. D. are not a useful tool in assessing how specific interventions may influence economic development.
Which of the following statements regarding brand names in advertising is not correct?
a. Brand names provide consumers with information about quality when quality cannot be easily judged in advance of purchase. b. Brand names give firms an incentive to maintain high quality to maintain the reputation of the firm. c. Brand names allow firms to produce and sell inferior products in the long run since people will continue to purchase the brand-name product. d. Brand names can cause consumers to perceive differences in products that do not actually exist.
Sticky wages leads to a positive relationship between the actual price level and the quantity of output supplied in
a. both the short and long run. b. the short run, but not the long run. c. the long run, but not the short run. d. neither the short nor the long run.