If the probability of an outcome equals one, the outcome:
A. is certain to occur.
B. has unquantifiable risk.
C. is more likely to occur than the others listed.
D. is certain not to occur.
Answer: A
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The approach to GDP that sums compensation of employees, rental income, corporate profits, net interest, proprietors' income, depreciation, and indirect taxes and subtracts subsidies is the
A) opportunity cost approach. B) expenditure approach. C) added cost approach. D) income approach.
Suppose the production function for a certain device is q = L + K. If neutral technical change has occurred, which of the following could be the new production function?
A) q = L + 5K B) q = 5 ? (L + K) C) q = 5L + K D) All of the above are possible.
The optimal purchase rule is stated as
a. TU = MU. b. MU = P. c. TU = P. d. MU = 0.
In pure competition, the industry demand curve is infinitely price elastic.
Answer the following statement true (T) or false (F)