A causal effect for a single individual
A) can be deduced from the average treatment effect.
B) cannot be measured.
C) depends on observable variables only.
D) is observable since it is used as part of calculating the mean of individual causal effects.
Ans: B) cannot be measured.
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If a monopolist's profits were taxed away and redistributed to its consumers,
A) inefficiency would remain because output would be lower than under competitive conditions. B) inefficiency would remain, but not because output would be lower than under competitive conditions. C) efficiency would be obtained because output would be increased to the competitive level. D) efficiency would be obtained because output would be increased and profits removed.
Price ceilings are intended to address the problem of
A. Business bankruptcies. B. Inefficiency in production. C. Inequity in the distribution of goods and services. D. Shortages.
Among the causes of the Great Depression, Keynes would agree with all of the following explanations EXCEPT
A. There was insufficient aggregate demand to achieve full employment. B. There was a lack of investment on the part of businesses because interest rates were too high. C. Supply had not created its own demand. D. Labor unions and businesses resisted wage and price cuts.
In a private closed economy, the equilibrium condition for the economy is:
A. AE = C + Ig = GDP B. AE = G + Ig = GDP C. AE = C + Ig + G = GDP D. C + Ig + G + NX = GDP