The labor market in professional baseball is an example of
A) a bilateral monopoly.
B) a monopsonistic labor market.
C) a monopolistic labor market.
D) a perfectly competitive labor market.
A
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Maximum likelihood estimation yields the values of the coefficients that
A) minimize the sum of squared prediction errors. B) maximize the likelihood function. C) come from a probability distribution and hence have to be positive. D) are typically larger than those from OLS estimation.
An example of a sunk cost would be:
A. the price of a lift ticket you bought and used to ski the whole day. B. the price of a lift ticket you bought and used for 1 run before you fell and broke your ankle. C. the nonrefundable deposit you put on your vacation rental. D. All of these are examples of sunk costs.
Speculation serves the market in which of the following ways?
a. It helps smooth out price fluctuations. b. It raises the price of certain goods. c. It manufactures a demand for goods that would not ordinarily be found. d. It allows risk takers the ability to make large amounts of economic rent.
A real estate salesperson sells a house in 2011 that was built in 1994 . How does this transaction get counted in the GDP statistics?
a. The price of the house and the real estate salesperson's commission are both included in 2011's GDP. b. Neither the price of the house or the commission is included in 2011's GDP. c. The real estate salesperson's commission but not the price of the house is included in 2011's GDP. d. The price of the house would be included in both 1994's GDP and the GDP for 2011.