The VP in charge of product launches hypothesizes that a particular product would be profitable, then launching an unprofitable product is a
a. Type I error
b. Type II error
c. Type III error
d. Type IV error
b
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A tax cut that increases the budget deficit results in ________ in the ________ loanable funds
A) an increase; supply of B) a decrease; supply of C) an increase; demand for D) a decrease; demand for E) no change; either the demand for or the supply of
In a competitive economy, the questions of what, how, and for whom to produce tend to be regulated by
a. the government. b. businessmen. c. the price system. d. workers.
If Britain allows the pound-DM (Deutsche Mark) exchange rate to float, and there is an increase in the foreign interest rate, it:
A) has no effect on home rates. B) will cause a monetary contraction and a higher interest rate in Britain. C) will eventually decrease if trade is affected. D) always shifts out the home IS curve (Britain), all else equal.
Answer the following questions true (T) or false (F)
1. In a two-good, two country world, if one country has a comparative advantage in the production of one good, it can benefit by trading with the other country. 2. For a person to have a comparative advantage in producing a product, he must be able to produce that product at a higher opportunity cost than his competitors. 3. It is not possible to have an absolute advantage in producing a good or service without having a comparative advantage.