In the table above, how much does the third unit of labor ADD to total output?
A. 125
B. 150
C. 100
D. 300
E. none of the above
Answer: E
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Which of the following is an example of a normative economic statement?
A) Prices rise when the government prints too much money. B) Universal access to quality health insurance is the most important domestic policy issue of our time. C) Interest rates rise when the government runs persistent budget deficits. D) Extending the time in which laid-off workers are eligible to receive government unemployment compensation has increased the unemployment rate. E) Lowering marginal income tax rates depresses consumer spending.
If you are using a 95% confidence interval and the absolute value of the t-statistic is larger than the critical value, then
A) we accept the null hypothesis at a 95% confidence level. B) we reject the null hypothesis at a 95% confidence level. C) we will be wrong less than 5% of the time if we accept the null hypothesis. D) we will be wrong 95% of the time if we reject the null hypothesis.
The usefulness of a model is determined by
A) whether it helps to explain or predict real world phenomena. B) whether it possesses realistic assumptions. C) how well it uses the ceteris paribus assumption. D) how many of the possible relationships that exist are included in the model.
Given the characteristics: (1) many buyers and sellers, (2) free entry and exit, (3) perfect information, and (4) heterogeneity of products, monopolistic competition and perfect competition share
a. (1) and (4). b. (1), (2), and (3). c. (2) and (4). d. (2), (3), and (4).