When a regression coefficient is significant at the .05 level, it means that
A) there is only a five percent chance that there will be an error in a forecast.
B) there is 95 percent chance that the regression coefficient is the true population coefficient.
C) there is a five percent chance or less that the estimated coefficient is zero.
D) there is a five percent chance or less that the regression coefficient is not the true population coefficient.
C
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Money illusion is
A) when people think they are better off when their income increases even though prices have increased by the same amount. B) when people are motivated by self-interest. C) could not exist if the economy did not have competitive markets. D) a basic condition that all classical economists assume people have.
Suppose the price level rises and the money wage remains constant. This set of changes leads to
A) an upward movement along the LAS curve. B) an upward movement along the SAS curve. C) a leftward shift of the SAS curve. D) a leftward shift of the SAS curve and the LAS curve.
Fred Jaher reported to the government interviewer that he worked 40 hours last week as a stocker at a Target department store. He also said that he has a Ph.D. in history and had hoped to be a history professor. With all this information, we know that Fred is
a. a member of the labor force who is underemployed b. a member of the labor force who is structurally unemployed c. a member of the labor force who is frictionally unemployed d. a discouraged worker who is not a member of the labor force e. not a member of the labor force because he is not working at his capacity
Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest?