In research, what is the importance of experiments? What is meant by randomization in experiments?
What will be an ideal response?
Experiments are tools that help to determine what is causation and what is only correlation. An experiment is a controlled method of investigating causal relationships among variables. Randomization in experiments refers to the assignment of participants by chance, rather than by choice, to a treatment group or a control group.
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Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is economic profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed
If the government wanted to cut off all international trade without changing the quota, it could allow the quota amount of 3000 trucks in at no tariff and then charge a tariff on all imports above the quota amount. What tariff would accomplish the goal? A) $0. B) $5,000 C) $7,500 D) $10,000 E) $20,000
According to 2014 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the lowest unemployment rate?
a. white males b. white females c. black males d. black females
Which of the following will cause an increase market supply?
A. A decrease in the number of firms in the market. B. A technological innovation that lowers the marginal cost of producing the good. C. An increase in the price of the good. D. An increase in demand for the good.