The Bureau of Labor Statistics produces data on unemployment and other aspects of the labor market from a regular survey of about
a. 600 households.
b. 6,000 households.
c. 60,000 households.
d. 6,000,000 households.
c
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If the price of peaches, a substitute for plums, decreases the demand for plums will increase
Indicate whether the statement is true or false
In using regression analysis to estimate demand, which of the following problems is most directly a result of insufficient data?
A) the identification problem B) the problem of a low R2 C) the problem of high standard errors D) the problem of insignificant F-statistics
According to the classical theory, an inward shift in aggregate demand would reduce
A) real Gross Domestic Product (GDP) and the price level. B) the price level but have no effect on real Gross Domestic Product (GDP). C) real income but have no impact on the price Gross Domestic Product (GDP). D) the price level but increase real Gross Domestic Product (GDP).
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10 . The marginal product of the seventh unit of labor is 4 . Given this information, what is the average total cost of production when the firm hires 7
workers? a. $10.06 b. $9.64 c. 81 cents d. 70 cents