An inflationary gap occurs when aggregate expenditures are too high to achieve full employment
a. True
b. False
Indicate whether the statement is true or false
True
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The distribution of U.S. income is not bell-shaped because
A) there are more households with incomes below the mean income than above the mean income. B) there are more households with incomes above the mean income than below the mean income. C) the mode income equals the mean income. D) the income distribution is bell shaped.
If one economic agent possesses more information than their fellow transactor ________
A) economic transactions cannot occur B) the moral hazard problem has been eliminated C) the adverse section problem has been eliminated D) asymmetric information exists
Nonlinear least squares
A) solves the minimization of the sum of squared predictive mistakes through sophisticated mathematical routines, essentially by trial and error methods. B) should always be used when you have nonlinear equations. C) gives you the same results as maximum likelihood estimation. D) is another name for sophisticated least squares.
A company can hire non-union workers, but a condition of their employment is that they must join the union within their first 90 days on the job. This is an example of a
A) right-to-work law. B) closed-shop. C) union shop. D) voluntary craft union.