According to Okun's law, an increase in the unemployment rate will cause ________ in the level of employment and ________ in the level of output
A) an increase; an increase
B) an increase; a decrease
C) a decrease; an increase
D) a decrease; a decrease
D
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If a firm faces a flat demand curve
A) it cannot engage in price discrimination. B) it can only engage in two-part tariffs. C) it can only engage in perfect price discrimination. D) None of the above.
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, and Andy has an income of $14.50, how many units of potato chips will he consume?
A) 5 B) 6 C) 7 D) 8 E) none of the above
You like to sleep until 11:00 am during the semester. What is the opportunity cost of attending an 8:00 am class?
A) nothing, since you can go back to bed later B) sleep C) obtaining the notes from the 8:00 am class D) the money you spend on coffee to stay awake
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