An estimate is
A) efficient if it has the smallest variance possible.
B) a nonrandom number.
C) unbiased if its expected value equals the population value.
D) another word for estimator.
Answer: B
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What does it mean to collude?
a. to get together and agree to act jointly in pricing and other matters b. to refuse to cooperate with other competitors in the industry c. to restrict the amount of foreign goods than can be imported d. to require a customer who buys one product to buy a tying good
Exhibit 21-2 Production possibilities curves for U.S. and Mexico
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As shown in Exhibit 21-2, the United States has a comparative advantage over Mexico in:
A. wheat, but not in cloth. B. cloth, but not in wheat. C. both wheat and cloth. D. neither wheat nor cloth
Microeconomics examines the
A) total household expenditures. B) behavior of the economy as a whole. C) aggregate business spending. D) decision making undertaken by individual households.
The change in total output due to the change in one variable input, while holding all other inputs constant, is the
A) marginal revenue product. B) derived demand for labor. C) marginal physical product. D) market demand curve for labor.