Which of the following is an example of a fixed input?
a. The acreage of a farmer's land.
b. Machinery.
c. The size of a firm's plant.
d. All of these.
d
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You go to work today, but will get your paycheck at the end of the month. This is an example of money serving as a
A) store of value. B) unit of accounting. C) standard of deferred payment. D) medium of exchange.
Indicate for which of the following examples you cannot use Entity and Time Fixed Effects: a regression of
A) OECD unemployment rates on unemployment insurance generosity for the period 1980-2006 (annual data). B) the (log of) earnings on the number of years of education, using the Current Population Survey of 60,000 households for March 2006. C) the per capita income level in Canadian Provinces on provincial population growth rates, using decade averages for 1960, 1970, and 1980. D) the risk premium of 75 stocks on the market premium for the years 1998-2006.
Some luxury product manufacturers will purposefully raise prices on their goods in order to reduce sales volume. This strategy may successfully increase sales revenue if the luxury goods are subject to the ________ effect and have relatively ________ demand.
A. bandwagon; elastic B. snob; inelastic C. bandwagon; inelastic D. snob; elastic
Based on the table demonstrating three tax systems, under which system(s) would a high earner pay an amount of tax closest to that paid by a low earner?
a. progressive
b. proportional
c. regressive
d. both proportional and progressive