If a regression coefficient passes the t-test, it means that
A) the regression equation is valid.
B) the regression coefficient is significantly different from zero.
C) the regression coefficient can be used for forecasting.
D) the regression coefficient should be included in the regression equation.
B
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Thomas Edison once complained that he was not making a profit selling light bulbs because his plants were operating 25 percent below capacity. He estimated that he could increase output 25 percent with a 2 percent increase in the cost of production. He sold the 25 percent on the foreign market at a price below what he called the “cost of production.” We can deduce that Edison really meant
A. marginal cost was below average cost but less than marginal revenue. B. average cost exceeded variable cost, which exceeded marginal revenue. C. variable cost exceeded fixed cost but was less than marginal revenue. D. marginal cost was above average cost but greater than marginal revenue.
If people have more time to adjust to a price change, the price elasticity of demand for that good is likely to
a. increase b. decrease c. fall to zero d. become equal to -1 e. remain unchanged
A public good is any good or service that users collectively consume and there is no way to bar free riders
a. True b. False Indicate whether the statement is true or false
The primary job market consists of jobs which _____ and offers a good chance for _______.
Fill in the blank(s) with the appropriate word(s).