Over the period 1900-2014, Brazil’s rate of economic growth exceeded that of China.
Indicate whether the statement is true or false.
Answer: True.
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In the long run, a monopolistically competitive firm’s demand curve must be tangent to its average cost curve.
Answer the following statement true (T) or false (F)
?The main assumption of OLS for any model is:
A. ?to check whether the error term is uncorrelated with the response variable. B. ?to check whether the error term is correlated with the explanatory variables. C. ?to check whether the error term is uncorrelated with the explanatory variables. D. to check whether the error term is correlated with the response variable.
"Countries are poor because they cannot afford to save and invest" is called the:
A. vicious circle of poverty. B. savings-investment trap. C. LDC trap. D. cycle of insufficient credit.
A movie theater charges ticket prices of $4.50 during weekday afternoon matinee hours and $8.50 during evening and weekend hours. Economists explain the ticket price difference by the fact that the demand for movie tickets during the weekday afternoon matinee hours is ________ but during the evening and weekend hours it is ________.
A. perfectly elastic; perfectly inelastic B. more inelastic; more elastic C. unit elastic; relatively inelastic D. more elastic; more inelastic