Provide an Appropriate Response

question 73

Multiple Choice

Provide an appropriate response.
-A district administrator wants to determine the effect of truancy on academic achievement. She asks the dean at
A high school to randomly select the records of 50 truant students and to randomly select the records of 50
Nontruant students. Identify any problems that are likely to cause confounding.

• A)the use of one person to select the records for members of both groups
• B)the use of records from only one school
• C)the number of records in each group (since, presumably, there are more nontruant students, there should be more members selected from that group)
• D)nothing (this is a well-designed retrospective study)

Understand the supply curve and its relationship with price and quantity supplied.

Identify factors that cause shifts in the supply curve.

Describe the concept of market equilibrium and understand how market forces lead to changes in prices and quantities.

Understand the relationship between complementary and substitute goods in market dynamics.

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Definitions:

Economic Profits

The surplus remaining after total costs are deducted from total revenues, accounting for both explicit and implicit costs.

Productive Land Resources

Land areas that are utilized or capable of being utilized for agricultural production, mining, or other economic activities.

Purely Competitive Economy

An economic model characterized by many buyers and sellers in the market, with none able to influence prices significantly.

Pure Rent

The income derived from the inherent attributes of a resource or property, exclusive of any improvement made by human effort.