Which of the following types of sampling always causes bias or inconsistency in the ordinary least squares estimators?
A. Random sampling
B. Exogenous sampling
C. Endogenous sampling
D. Stratified sampling
Answer: C
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A firm can choose a quantity of output, and the price is then determined by
a. the government. b. the supply schedule. c. consumers' demand. d. the average cost.
A farmer has 1,000 acres on which he has previously grown corn. His yield per acre is 100 bushels of corn. If the corn payment rate is $0.43 a bushel, his production flexibility contract payment equals
A) $39,600. B) $43,000. C) $36,550. D) $12,345. E) none of the above
The short-run Phillips curve is ________, while the long-run Phillips curve is vertical at the ________.
A. upward sloping; minimum wage B. downward sloping; real wage C. upward sloping; average nominal wage rate D. downward sloping; natural rate of unemployment E. horizontal; origin
An in-kind gift causes the budget line to:
A. rotate counterclockwise. B. shift to the left in a parallel fashion. C. shift to the right in a parallel fashion. D. None of the statements is correct.