The salary of an athlete like Peyton Manning is in part a reward for his unique ability-something economists call economic rent
a. True
b. False
Indicate whether the statement is true or false
True
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You should use the QLR test for breaks in the regression coefficients, when
A) the Chow F-test has a p value of between 0.05 and 0.10. B) the suspected break data is not known. C) there are breaks in only some, but not all, of the regression coefficients. D) the suspected break data is known.
Which of the following would lead to a decrease of the U.S. demand for euros?
a. A decrease in the U.S. interest rate, with no change in the European interest rate b. An increase in U.S. GDP c. Resurgence of interest in European precision tools d. Expectations of a rise in the dollar price of the euro e. A sudden increase in anti- European sentiment.
GDP understates the amount of economic production in the United States because it excludes ________.
A. spending for the U.S. military B. purchases of stocks and bonds C. work performed by households for their own benefit D. transfer payments
Suppose that a consumer who spends her budget on X and Y is initially at equilibrium. If the price of X increases, then the MU/P of X will:
A. Decrease and the consumer will respond by buying more Y and less X B. Decrease and the consumer will respond by buying more X and less Y C. Increase and the consumer will respond by buying more Y and less X D. Increase and the consumer will respond by buying more X and less Y