The likelihood ratio statistic is given by:
A. LR = (log-likelihoodunrestricted + log-likelihoodrestricted)
B. LR = 2 × (log-likelihoodunrestricted + log-likelihoodrestricted)
C. LR = (log-likelihoodunrestricted- log-likelihoodrestricted)
D. LR = 2 × (log-likelihoodunrestricted- log-likelihoodrestricted)
Answer: D
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Consumer surplus is the area
A) below the demand curve and above the market price. B) below the supply curve and above the market price. C) above the demand curve and below the market price. D) above the supply curve and below the market price. E) below the demand curve and above the supply curve.
When does the burden of a tax imposed on a good fall more heavily on consumers?
What will be an ideal response?
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run supply shock. C. short-run demand shock. D. long-run demand shock.
The redistributive mechanics of inflation include all of the following except
A. Wealth effects. B. Income effects. C. Price effects. D. Output effects.