Probability
A) is a number between 0 and 1, inclusive.
B) indicates how likely an outcome is to occur.
C) is larger the more likely the event is to occur.
D) All of the above.
D
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Marginal revenue product is essentially the additional revenue generating from selling one additional unit of output
a. True b. False Indicate whether the statement is true or false
The chief economist of the country of Elbonia has predicted that the new policies adopted by the government will lead to higher economic growth accompanied by lower rates of inflation. The currency of Elbonia is expected to: a. weaken
b. appreciate. c. depreciate. d. devaluate.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Amy should specialize in producing
A. both cheese and cars. B. cheese. C. neither cheese nor cars. D. cars.
The shape of the aggregate demand curve does NOT tell us anything about how the total dollar value of spending will ultimately be divided between output and prices. For this we need
A. information about the standard of living in the country. B. to know how far from the origin the aggregate demand curve is. C. an aggregate supply curve. D. information that only the Consumers' Price Index can provide.