What is meant by randomization? How does randomization affect the results of an experiment?
What will be an ideal response?
Randomization is the assignment of subjects by chance, rather than by choice, to a test group or control group. Assigning participants randomly will ensure that the result of the experiment is not biased. For example, suppose students with poor scores are assigned to one type of teaching method and students with good scores are assigned to another type of teaching method. It will be difficult to decide which teaching method is more effective as the students with the higher scores are likely to do better than the students with the poorer scores, irrespective of the teaching method used.
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In the case of Matsushita v. Zenith, the fact that the foreign television manufacturers were able to charge lower prices than their domestic competitors in the U.S
market for televisions was sufficient evidence to conclude that the Japanese firms were engaged in predatory pricing. Indicate whether the statement is true or false
By requiring that applicants for insurance policies fill out lengthy forms and take a physical examination, insurers attempt to guard against
a. symmetrical information b. adverse selection c. natural selection d. moral hazard e. the winner's curse
A substitute good is one that
a. appeals to a wide spectrum of consumers b. is used together with another good c. is exchanged on the black market d. is produced by the same firm as another good e. can be used in place of another good, fulfilling the same basic purpose
Attempts by the government to reduce the rate of inflation often result in higher unemployment in the short run.
Answer the following statement true (T) or false (F)