To see if the effect of an explanatory variable has changed over a certain time period, we can interact the time dummy with that variable.
Answer the following statement true (T) or false (F)
True
Rationale: To see if the effect of an explanatory variable has changed over a certain time period, we can interact the time dummy with that variable.
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If the contribution from capital growth equals 3 percent and the contribution from productivity growth equals 1.6 percent, GDP will grow by ________
A) 1.6 percent B) 4.6 percent C) 4.8 percent D) an unknown value
Using free public space means that sidewalk vendors earn long-run economic profits
a. True b. False
Which of the following statements best describes consumer surplus in the supply and demand model?
a. Consumer surplus is the area in the supply and demand model that is above the market price and above the demand curve. b. Consumer surplus is the area in the supply and demand model that is below the market price and below the demand curve. c. Consumer surplus is the area in the supply and demand model that is above the market price and below the demand curve. d. Consumer surplus is the area in the supply and demand model that is below the market price and above the demand curve.
How does the monopolist calculate profit per unit, and total profit?