The order condition is a necessary and sufficient condition for identification of an equation in a simultaneous equations model.
Answer the following statement true (T) or false (F)
False
Rationale: FEEDBACK: The order condition is a necessary condition for identification of an equation in a simultaneous equations model. It is not a sufficient condition for identification.
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. If there is no ordinance against loud music, property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.
If a monopolistically competitive seller's marginal cost is $3.56, the firm will increase its output if
A) its marginal revenue is less than $3.56. B) its marginal revenue is equal to $3.56. C) its marginal revenue is more than $3.56. D) average total cost is less than $3.56. E) Both answers A and D are correct.
Which of the following is a requirement for the Bureau of Labor Statistics to place someone in the "unemployed" category?
a. The person must have worked no more than 10 hours during the past week.. b. The person must have tried to find employment during the previous four weeks. c. The person may not have been laid off. d. All of the above are correct.
Disembodied technical change results in
A. an increase in the labor supply. B. a change in the production process. C. embodied technical change. D. population growth.