Consider the following regression equation: y= 
0+ 1x1 + … + ![]()
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In which of the following cases, is ‘y' a discrete variable?
A. y indicates the gross domestic product of a country
B. y indicates the total volume of rainfall during a year
C. y indicates household consumption expenditure
D. y indicates the number of children in a family
Answer: D
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Which of the following statements is consistent with a decrease in supply?
A) Prices of raw material inputs have increased. B) There has been an advance in technology. C) Consumers' incomes have increased. D) The market price has decreased.
A firm must stress market share to be successful
Indicate whether the statement is true or false
If the economy is at potential output, the price level can continue to increase
a. True b. False
Free entry means that
a. the government pays any entry costs for individual firms. b. government-funded research lowers the costs of patents and other barriers to entry. c. a firm's marginal cost is zero. d. no legal barriers prevent a firm from entering an industry.