In a regression model, which of the following will be described using a binary variable?
A. Whether it rained on a particular day or it did not
B. The volume of rainfall during a year
C. The percentage of humidity in air on a particular day
D. The concentration of dust particles in air
Answer: A
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0Which of the turning points are peaks?
A. (A), (B), and (C) B. (A), (C), and (E) C. (B) and (D) D. (C), (D), and (E)
A price-discriminating monopolist having identical costs in two markets should charge a higher price in that market
a. which has a higher demand. b. which has a more elastic demand. c. which has a less elastic demand. d. which has a higher marginal revenue.
Being a monopolist in the market
a. guarantees a positive short-run profit. b. guarantees a positive long-run profit. c. does not contradict with the rule that profit is maximized where MR = MC. d. All of the above are correct.
Bill owns "Bill's Home of Blues" a store that specializes in selling CDs and DVDs of blues musicians of the 1960s and 1970s. Bill took out a loan from his bank to pay for his store and its initial inventory. Bill pays the bank $900 per week for his loan
The $900 bank payment A) is a long-run implicit cost. B) is a fixed cost. C) is a short-run implicit cost. D) is a variable cost.