Refer to Table 10-1. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) 1% B) 1.5% C) 2% D) 3%
C
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If we include consideration of potential effects of a proposed tax reduction and simplification on the labor supply, we would expect crowding out of investment and net exports brought about by the tax cut to be
A) increased as aggregate real income and output rise in the long run. B) unaffected by the shifting long-run aggregate supply curve. C) dependent upon the impact of this tax change on consumer disposable income. D) less than it would be without the supply-side effects.
In a dictator game, player A must divide $100 between player A and player B. In this game, player B does not have the opportunity to reject an offer — he or she goes home with whatever player A offers. Experiments have observed that when player A splits the $100, he or she consistently offers over $10 to player B. Which of the following comments fits best
a. Although player A is acting as economic theory usually assumes, he or she makes such offers because they seem more fair. b. Although player A is acting as economic theory usually assumes, he or she makes such offers although they are not fair. c. Although player A is not acting as economic theory usually assumes, he or she makes such offers because they seem more fair. d. Although player A is not acting as economic theory usually assumes, he or she makes such offers because they are not fair.
Which of the following statements is true?
A. In large samples there are not many discrepancies between the outcomes of the F test and the LM test. B. Degrees of freedom of the unrestricted model are necessary for using the LM test. C. The LM test can be used to test hypotheses with single restrictions only and provides inefficient results for multiple restrictions. D. The LM statistic is derived on the basis of the normality assumption.
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one shot to reach an agreement. Management has the ability to announce what it wants first, and then the labor union can accept or reject the offer. Both players get zero if the total amounts asked for exceed $50. Which of the following is a Nash equilibrium?
A. Management requests $35 and the labor union accepts $10. B. Management requests $25 and the labor union accepts $10. C. Management requests $50 and the labor union accepts $0. D. Management requests $20 and the labor union accepts $20.