The three major economic questions concerning production of good and services must be asked because of ______.
a. surplus
b. technology
c. scarcity
d. currency
c. scarcity
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We find that the world price of sugar is 20 cents a pound, the U.S. does not trade internationally, and the U.S. equilibrium price of sugar is 30 cents a pound. If the U.S. begins to trade internationally, the price of sugar in the U.S
________ to the world price and U.S. consumers buy ________ sugar. A) falls; more B) falls; less C) rises; more D) rises; less E) falls; no
In the long run, total fixed cost equals zero
Indicate whether the statement is true or false
A major difference between tax systems in developing and developed country is that
a. developing countries rely on direct taxes, and developed countries rely on indirect taxes b. developing countries rely on indirect taxes and developed countries rely on direct taxes c. developing countries rely on domestic taxes and developed countries rely on taxes on foreign trade d. developing countries rely on ‘forced saving' and developed countries tax saving directly e. there are no significant differences
The WLS estimator is called infeasible WLS estimator when
A) the memory required to compute it on your PC is insufficient. B) the conditional variance function is not known. C) the numbers used to compute the estimator get too large. D) calculating the weights requires you to take a square root of a negative number.