Which statement most accurately defines economic growth?
a. a sustained increase in a country’s production of services and goods
b. how much an economy produces at its potential output
c. a nation’s natural rate of output of goods and services
d. the application of new knowledge that creates or improves products
a. a sustained increase in a country’s production of services and goods
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The problem of autocorrelation refers to
A) independent variables in a regression equation whose values are closely related to each other. B) insufficient data to estimate regression coefficient values. C) regression coefficient values which are not significantly different from zero. D) regression equation variables which exhibit a similar pattern in their values over a number of time periods.
In 2012, the imaginary nation of Kanmiw had a population of 8,044 and real GDP of 36,198,000 . In 2013 it had a population of 7,800 and real GDP of 35,880,000 . What was the growth rate of real GDP per person in Kanmiw between 2012 and 2013?
a. -2.2 percent b. -0.7 percent c. 2.2 percent d. 4.5 percent
Which of the following types of variables cannot be included in a fixed effects model?
A. Dummy variable B. Discrete dependent variable C. Time-varying independent variable D. Time-constant independent variable
Refer to the graph below. From the economists' perspective, which is the independent variable and which is the dependent variable?
A. Price is the independent variable and quantity demanded is the dependent variable
B. Price is the dependent variable and quantity demanded is the independent variable
C. Both price and quantity demanded are independent variables
D. Both price and quantity demanded are dependent variables