If R2 is less than 1
A) the regression analysis is incorrect.
B) the observation data is suspect.
C) some observations do not lie on the regression line.
D) the probability of having the correct fit is very low.
C
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Cigarettes served as money in some prisoner of war (POW) camps during World War II. Given this, we would expect to observe
A) no one ever smoking a cigarette. B) prices of other goods expressed in terms of cigarettes. C) only government-issued cigarettes being accepted as money. D) people usually resorting to barter rather than using cigarettes as money.
Make use of the misperceptions theory to explain why the short-run aggregate supply curve is upward sloping
What will be an ideal response?
The price elasticity of demand is calculated by:
A. the change in price divided by the change in quantity demanded. B. the change in quantity demanded divided by the change in price. C. the percentage change in price divided by the percentage change in quantity demanded. D. the percentage change in quantity demanded divided by the percentage change in price.
Indifference curves
A) are vertical. B) are horizontal. C) slope upward. D) slope downward.