"I'm tired of eating cold pizza for breakfast. Today I'm going to the make some oatmeal instead." This statement most clearly reflects the
a. law of increasing returns to scale.
b. second law of demand.
c. law of diminishing marginal utility.
d. law of comparative advantage.
C
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The size of the test
A) is the probability of committing a type I error. B) is the same as the sample size. C) is always equal to (1-the power of test). D) can be greater than 1 in extreme examples.
An automobile manufacturing plant is likely to have a ______________ price elasticity of supply than a bread bakery due to _________________.
A. more elastic; a more flexible production process B. more elastic; greater availability of inputs C. less elastic; a less flexible production process D. more elastic; lower availability of inputs
The typical movement of the aggregate supply curve resulting from an increase in productivity is that it
A. shifts inward and becomes flatter. B. shifts inward. C. shifts outward. D. becomes flatter. E. becomes steeper.
Purchasing power parity theory is a better guide to short-run movements in exchange rates than to long-run movements in exchange rates.
Answer the following statement true (T) or false (F)