The preferences of the representative consumer over consumption and leisure are represented by use of a
A) production function.
B) utility function.
C) benefit function.
D) preference function.
B
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Since 1948, the average unemployment rate in the United States has been about
A) 3%. B) 6%. C) 8%. D) 10%.
If a firm enlarges its factory size and realizes higher average costs of production then
a. it has experienced economies of scale. b. it has experienced diseconomies of scale. c. it has experienced constant returns to scale. d. the long-run average cost curve slopes downward. e. the long-run average cost curve shifts upward.
Supply-side economists argue ______ the regulation of product markets because regulation _______ economic growth.
A. in favor of; stimulates B. against; stimulates C. in favor of; inhibits D. against; inhibits
If individuals who sit in the back of the classroom receive lower grades on average than the rest of the class, does that mean that sitting in the back of a classroom causes one to perform poorly on exams?
A. Not necessarily. The reoccurrence of a certain relationship between two variables does not necessarily imply causation. B. The reccurrence of such a relationship is definitely caused by the variation of another variable. C. The reccurrence of such a relationship is sufficient evidence that sitting in the back of a classroom will lead to lower grades. D. The reoccurrence of such a relationship is sufficient evidence that students who receive low grades prefer to keep a low profile and always sit in the back of the classroom.