Institutions are
A) the same thing as organizations.
B) associations of individuals or groups.
C) always embodied in a written set of rules.
D) a set of rules governing behavior, whether written or not.
E) only relevant on international issues.
D
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Simultaneous causality bias
A) is also called sample selection bias. B) happens in complicated systems of equations called block recursive systems. C) results in biased estimators if there is heteroskedasticity in the error term. D) arises in a regression of Y on X when, in addition to the causal link of interest from X to Y, there is a causal link from Y to X.
Which of the following is not an argument in favor of restricting trade?
a. to preserve national security b. to prevent dumping c. to increase consumer surplus d. to protect infant industries e. to protect declining industries
The budget line shift from ab to cd in the figure is consistent with:
A. decreases in the prices of both M and N.
B. an increase in the price of M and a decrease in the price of N.
C. a decrease in money income.
D. an increase in money income and decrease in the price of N.
The so-called moral hazard problem refers to one's tendency to:
A. Buy less of something if one does not have good information about it B. Avoid something that is considered risky or hazardous C. Get insurance against some possible hazard or danger D. Take on greater risk if one is at least partly insured against losses