What are the problems with experimentation?
What will be an ideal response?
There are three main problems associated with experimentation. They are:
a) Experiments can get very costly to conduct.
b) Experiments do not provide immediate answers to a number of important questions.
c) Experiments are sometimes conducted poorly, which can lead to inefficient results.
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If the yen to dollar exchange rate is 115, the U.S. price index is 140, and the Japanese price index is 165, what is the U.S. real exchange rate?
A) 74.52 B) 97.58 C) 135.55 D) 200.87
A freeze in Florida's orange growing regions will:
A) result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic. B) result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic. C) result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic. D) result in little change in the price of oranges in the short run because supply is infinitely elastic.
The winners curse is more often associated with;
a. oral auctions b. second-price auctions c. first-price sealed bid auctions d. common value auctions
A comparative advantage is the ability of one person or nation to produce a good at an opportunity cost that is lower than that of another person or nation.
Answer the following statement true (T) or false (F)