If a macroeconomist studying the causes of unemployment finds that, historically, changes in technology seem to have caused between five and 15 percent of changes in unemployment, then this macroeconomist is at which step in the process of developing
an economic model? A) Identify the exogenous variables.
B) Identify the endogenous variables.
C) Develop a model.
D) Compare the model with the data.
E) Conduct prediction and policy analysis.
D
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If the incentive to take advantage of a conflict of interest is high
A) removing the economies of scope that created the conflict may induce higher costs because of the decrease in the flow of reliable information. B) then the government must step in to remove the conflict. C) the costs of non-action in removing the conflict will always be higher than the cost of removing the conflict. D) firms will always step in and work to remove the conflict.
Randy is a minor-league baseball player. His current cumulative batting average is 0.270 . Randy believes that if he can raise his cumulative batting average to 0.300, he will have a chance to play in the major leagues. Which of the following statements is correct?
a. If Randy gets between 27 and 30 hits out of his next 100 at bats, he will be able to raise his cumulative batting average to 0.300. b. If Randy gets 30 hits out of his next 100 at bats, he will be able to raise his cumulative batting average to 0.300. c. Randy must get more than 30 hits out of his next 100 at bats in order to raise his cumulative batting average to 0.300. d. Either b or c could be correct.
In the price fixing game, when both firms choose their dominant strategy, each firm will generally earn more profits than when both firms choose the alternative strategy.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table, what is its marginal revenue from the 2,400th unit it sells?
A. $1 B. $3.50 C. $3.75 D. $400