Answer the following statement(s) true (T) or false (F)
1. If the demand curve for a good is relatively flat, a small change in price results in a relatively large change in quantity demanded
2. If safer cars reduce a driver's chance of dying in an accident, then there will be fewer driver fatalities.
3. If one wants to apply the theoretical side of economics by examining data, they use a family of statistical techniques called econometrics.
4. A sales tax causes the demand curve to shift upwards by the amount of the tax.
5. As defined by economists, the supply of corn refers to the number of bushels of corn that farmers bring to the market.
1. True
2. False
3. True
4. False
5. False
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When a regression coefficient is significant at the .05 level, it means that
A) there is only a five percent chance that there will be an error in a forecast. B) there is 95 percent chance that the regression coefficient is the true population coefficient. C) there is a five percent chance or less that the estimated coefficient is zero. D) there is a five percent chance or less that the regression coefficient is not the true population coefficient.
The nominal interest rate: a. varies directly with the rate of expected inflation in an economy
b. is the interest rate expressed in dollars of constant purchasing power. c. equals the difference between the real interest rate and the inflation rate. d. is the basis for decisions taken by the lenders and the borrowers in an economy. e. is the percentage increase in the average price level from one year to the next.