Which of the following examples would most likely be subject to selection bias?
A. 750 National Rifle Association members are questioned to obtain the public's opinion about pending federal legislation regarding stricter gun control laws.
B. 500 University of Wisconsin students are polled on their opinion about a possible tuition hike at their school.
C. 60 members of a 100-member neighborhood homeowners' association vote to approve funding for private security patrols in their neighborhood.
D. 1,000 registered voters in Nashville are called and asked who they are planning to vote for in the upcoming Nashville mayoral election.
Answer: A
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Which of the following factors can influence the production possibilities frontier in the future?
a. The amount of capital produced b. A fall in the rate of inflation c. A decrease in consumption in an economy d. An increase in the tax rate e. A legal reform that increases transaction costs
Who observed that "in this world nothing is certain but death and taxes"?
a. Mark Twain b. P.T. Barnum c. Ben Franklin d. Richard Nixon
Government in the United States plays an unimportant role in the economy because the rules for the functioning of the private economy are inherent in the markets themselves.
a. true b. false
The idea that people will substitute cheaper commodities for more expensive commodities is called
A. the marginal effect. B. the utility effect. C. the substitution effect. D. the real-income effect.