Four possibilities are equally likely and have payoffs of $2, $4, $6, and $8 . The expected value is:
a. $5
b. $6
c. $7
d. $8
b
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Randomization is the assignment of subjects by ________ to a ________
A) chance, rather than by choice; treatment group or into a test group. B) choice, rather than by chance; treatment group or into a test group. C) choice, rather than by chance; treatment group or into a control group. D) chance, rather than by choice; treatment group or into a control group.
If marginal product is decreasing what can we say about what is happening to average product? Explain
What will be an ideal response?
Which of the following pairs of countries experienced approximately the same rate of growth of real income per person over about the last 120 years?
a. Germany and Japan b. Indonesia and Bangladesh c. the United States and Argentina d. Mexico and Pakistan
The real business cycle theory
A. is an extension of the adaptive expectations theory of business cycles. B. suggests that instability is caused by shifts in the aggregate demand curve caused by changing consumer confidence in the economy. C. suggests that instability is caused by shifts in the long-run aggregate supply curve. D. is an extension of the Keynesian view of business cycles.