Which of the following statements correctly differentiates between a model and a hypothesis?
A) Testing a hypothesis does not require data, whereas testing a model requires data.
B) A model is a simplified representation of reality, whereas a hypothesis is a model's predictions.
C) A hypothesis can be used to make predictions for the future, whereas a model can only explain the past.
D) Testing a model requires data, whereas testing a hypothesis does not require data.
B
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When P = $5, the quantity demanded of a good is 30 units, and the quantity supplied of the good is 50 units. For every $1 decrease in the price of this good, quantity demanded rises by 5 units and quantity supplied falls by 5 units. The equilibrium price of this good is ___________and the equilibrium quantity of this good is _________ units
A) $3; 40 B) $4; 35 C) $2; 45 D) $2; 35 E) $3; 35
Which of the following government actions will decrease surplus food supplies?
A. A decrease in import restrictions. B. An increase in the loan rate. C. A decrease in acreage set-asides. D. Subsidized advertising of U.S. farm products in foreign markets.
One reason that the quantity demanded of a good increases when its price falls is that the:
A. price decline shifts the supply curve to the left. B. lower price shifts the demand curve to the left. C. lower price shifts the demand curve to the right. D. lower price increases the real incomes of buyers, enabling them to buy more.
Sue's Sea Shells by the Sea Shore is a perfectly competitive firm selling sea shells at the market price of $2 per dozen. Sue's Sea Shells by the Sea Shore has fixed costs of $40 per day and a variable cost schedule in the table above
The profit-maximizing level of output for Sue's Sea Shells by the Sea Shore is A) 202 dozen sea shells by the sea shore per day. B) 204 dozen sea shells by the sea shore per day. C) 205 dozen sea shells by the sea shore per day. D) 206 dozen sea shells by the sea shore per day.