A _____ is a function that takes on a defined value for every point in the sample space
a. discrete variable
b. random variable
c. dependent variable
d. continuous variable
B
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In the following table, the United States has a comparative advantage in producing
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
In the work-leisure model, suppose consumption and leisure are both normal goods. The income effect of a wage increase results in the worker choosing to
a. work less than before. b. work more than before. c. possibly work more or less than before. d. work more with a higher level of consumption.
In deciding how many guitars to buy for his shop before the Christmas season, Mark is making a(n) ________ decision.
A. macroeconomic B. microeconomic C. normative D. irrational
If technological change increases the profitability of new investment for firms, then the ________ curve for loanable funds will shift to the ________ and the equilibrium real interest rate will ________
A) supply; right; fall B) supply; left; rise C) demand; right; rise D) demand; left; fall