Which of the following statements is correct?
a. Theory and hypothesis are interchangeable terms for the same thing.
b. A hypothesis may result from a tested and confirmed theory.
c. A theory may result from a tested and confirmed hypothesis.
d. A hypothesis is a theory whose formulation relies on mathematics.
Answer: c. A theory may result from a tested and confirmed hypothesis.
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Which of the following equations defines marginal revenue product?
A. MRP = P times Q. B. MRP = total cost. C. MRP = total revenue minus total cost. D. MRP = MPP times price of the product.
What is protectionism in the domestic economy?
a. forcing foreign consumers to subsidize domestic producers b. forcing producers to subsidize consumers c. forcing consumers to subsidize producers d. forcing foreign consumers to subsidize foreign producers
The definition of Gross Domestic Product is
a. the total value of all sales in the economy. b. the total value of production in the domestic economy plus the production of domestic firms in foreign countries. c. the total value of all sales of final and intermediate goods in the domestic economy. d. the total of the money values of all final goods and services produced in the domestic economy within a specific time period.
If the dollar price of the euro goes from $1 to 90 cents, the euro has
a. appreciated, and Europeans will find U.S. goods cheaper. b. appreciated, and Europeans will find U.S. goods more expensive. c. depreciated, and Europeans will find U.S. goods cheaper. d. depreciated, and Europeans will find U.S. goods more expensive.