The dummy variable coefficient for a particular group represents the estimated difference in intercepts between that group and the base group.
Answer the following statement true (T) or false (F)
True
Rationale: FEEDBACK: The dummy variable coefficient for a particular group represents the estimated difference in intercepts between that group and the base group.
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The quantity demanded is
A) always equal to the equilibrium quantity. B) independent of the price of the good. C) the amount of a good that consumers plan to purchase at a particular price. D) independent of consumers' buying plans.
The elasticity of demand is determined partly by whether the good is a necessity or a luxury
a. True b. False Indicate whether the statement is true or false
The infant industry argument for tariffs against free trade is sometimes supported because:
A) it is very hard to discern which industries really deserve protection. B) subsidies may have more merit than tariffs. C) the "infant" may "still wear diapers" even after it attains a huge size and economies of scale. D) a new domestic industry may have potential economies of scale.