If a six-sided die is rolled 90,000 times and a number five appears 15,000 times, the relative frequency of the number five appearing is ________.
A) 15,000
B) 90,000
C) 0.167
D) 5
C) 0.167
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Compared to the situation before international trade, after the United States imports a good production in the United States ________ and consumption in the United States ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Which of the following is FALSE concerning the long run?
A) Economists believe that fiscal and monetary policies have no permanent effects on the economy. B) Economists more or less agree that the economy tends to fluctuate around the level that is consistent with full employment. C) In the long run, the unemployment rate returns to its normal level. D) The current account must tend toward balance in the long run. E) None of the above.
Which of the following statements about production isoquants is correct?
A) They show all the combinations of two inputs that result in the same level of output. B) They are usually concave to the origin. C) They show all the combinations of two inputs that yield the same cost of production. D) They represent lower levels of output the farther they are from the origin.
Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market demand for the firm's output. Which of the following will occur?
A) Existing firms will maintain the original level of output, but they will shift their cost functions down in the short run. B) Existing firms will raise price to cover the reduction in quantity demanded and maintain total revenue in the short run. C) Existing firms will reduce output in the short run. D) Market price will be above its original level.