Jaime's father gives her a pen for her graduation from college, but Jaime wants a smartphone. This implies that
A) Jaime's father is not acting out of self-interest because he knows that she really wants a smartphone.
B) Jaime's father is acting out of self-interest because he wants to give her something useful.
C) Jaime is not acting out of her self-interest by wanting something different from what her father gives her.
D) Jaime is not rational by asking for a smartphone instead of a pen.
B
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An estimated regression coefficient is 10 with a standard error of 5. The null hypothesis is that the partial regression coefficient equals zero. What is the value of the t-statistic for testing the null hypothesis of the regression coefficient?
A) 1 B) 2 C) 0.5 D) 5
If the long-run supply curve slopes downward, we know that this is
A) a decreasing-cost industry. B) a constant-cost industry. C) an increasing-cost industry. D) a situation in which no input prices change as firms enter and exit the industry.