The critical value of F4,? at the 5% significance level is
A) 3.84
B) 2.37
C) 1.94
D) Cannot be calculated because in practice you will not have infinite number of observations
Answer: B
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Depending on the shape of the marginal cost curve, a monopolist might produce an output level on the elastic or the inelastic part of demand.
Answer the following statement true (T) or false (F)
If people expect the price of packaged coffee to rise next week, coffee demand will
a. decrease now b. increase now c. stay the same now and increase next week d. stay the same now and decrease next week e. stay the same now and next week
Rational production decisions require an understanding of
a. trade-offs. b. opportunity costs. c. scarcity of resources. d. All of the above are correct.
Would the maximin criterion achieve perfect income equality?
a. Yes. There would be no way to reallocate resources to raise the utility of the poor. b. Yes. The maximin criterion would eliminate poverty. c. No. It is impossible for complete equality to benefit the worst-off people in society. d. No. Complete equality would reduce incentives to work, which would reduce total income, which would reduce the incomes of the worst-off people in society.