ECON Top Hat Questions - Custom Scholars
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# ECON Top Hat Questions

question
An entrepreneur creates a product that costs \$25 to make, but no customer is willing to pay more than \$15. Was there value created?
Yes
question
A firm lowers its cost of production from \$40 per unit to \$30 unit, yet continues to sell the good at the same price. Did this move create any more value for the customer?
No
question
What unique value proposition did Quizno's subs offer when they entered the market? Did this prove to be a sustainable strategy
baked subs, not sustainable
question
If someone buys a product but never actually uses it, is value being created?
Yes
question
When output increases and total profit increases, marginal profit must be:
positive
question
At its current output level, a firm's marginal profit is negative. Therefore, it should:
reduce output bc MR<MC
question
A decrease in fixed costs implies that
Neither marginal revenue nor marginal cost will change.
question
The price elasticity of demand for electricity is
inelastic
question
When the price of smart phones decreases, the demand for data plans will:
increase
question
Is "ladies night" at a bar (where ladies pay no cover) a form of price discrimination?
yes
question
A campus survey asks senior students if they would support a 3-year plan to upgrade the cafeterias at a given cost. What pitfall does this survey exhibit?
Sample bias
question
If all of the price-quantity demanded observations lie exactly on a predicted equation line, the value of the sum of squared errors (SSE) will be:
0
question
If the sample coefficient of determination (R2) is 0.80, this means that:
80 percent of the variation in the dependent variable is explained by the regression.
question
If the coefficient for a variable is -6.78 and the standard error is 2.20, is the coefficient statistically significant?
yes
question
True or false: a variable representing the age of a person in years is a dummy variable.
false
question
Errors in forecasting are caused by all of the following EXCEPT:
using a large sample of past observations for the regression.
1 of 16
question
An entrepreneur creates a product that costs \$25 to make, but no customer is willing to pay more than \$15. Was there value created?
Yes
question
A firm lowers its cost of production from \$40 per unit to \$30 unit, yet continues to sell the good at the same price. Did this move create any more value for the customer?
No
question
What unique value proposition did Quizno's subs offer when they entered the market? Did this prove to be a sustainable strategy
baked subs, not sustainable
question
If someone buys a product but never actually uses it, is value being created?
Yes
question
When output increases and total profit increases, marginal profit must be:
positive
question
At its current output level, a firm's marginal profit is negative. Therefore, it should:
reduce output bc MR<MC
question
A decrease in fixed costs implies that
Neither marginal revenue nor marginal cost will change.
question
The price elasticity of demand for electricity is
inelastic
question
When the price of smart phones decreases, the demand for data plans will:
increase
question
Is "ladies night" at a bar (where ladies pay no cover) a form of price discrimination?
yes
question
A campus survey asks senior students if they would support a 3-year plan to upgrade the cafeterias at a given cost. What pitfall does this survey exhibit?
Sample bias
question
If all of the price-quantity demanded observations lie exactly on a predicted equation line, the value of the sum of squared errors (SSE) will be:
0
question
If the sample coefficient of determination (R2) is 0.80, this means that:
80 percent of the variation in the dependent variable is explained by the regression.
question
If the coefficient for a variable is -6.78 and the standard error is 2.20, is the coefficient statistically significant?
yes
question
True or false: a variable representing the age of a person in years is a dummy variable.
false
question
Errors in forecasting are caused by all of the following EXCEPT:
using a large sample of past observations for the regression.

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