Vinay Uses Data from His Study to Estimate That the Heritability

question 61

Multiple Choice

Vinay uses data from his study to estimate that the heritability of athletic ability is 0.60. This implies that about 60%:

• A) of the variation in athletic ability is due to genetics.
• B) of the variation in athletic ability is due to environment.
• C) of people are athletic.
• D) of people are not athletic.

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Definitions:

Productive Efficiency

A situation where an economy or a production process is operating in such a way that it could not produce more of one good without producing less of another.

Profit-Maximizing

This is the process by which a company adjusts its production levels and pricing strategies to achieve the highest possible profit.

Short Run

A period in which at least one input is fixed and cannot be changed by the firm.

Economies Of Scale

The advantages in cost that enterprises gain by scaling up their operations, usually seen as a decrease in the per-unit cost of output as production scales up.