In the 1870s,
a. cotton prices were declining.
b. the Deep South became a food importing region.
c. an increasing percentage of small farms specialized in cotton.
d. black farmers devoted more of their land to cotton than white farmers.
e. All of the above.
e. All of the above.
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Which of the following assumptions is TRUE about monopolistic competition?
A) The firm's products are differentiated. B) There are few producers of the product. C) Firms will not advertise. D) It is difficult for firms to enter this industry.
The optimal level of air quality
a. is 100 percent, which creates a pollution-free environment b. is smaller the lower the marginal social cost of air quality c. is greater the lower the marginal social benefit of air quality d. is greater the lower the marginal social cost of air quality e. is smaller the greater the marginal social benefit of air quality
If money were not used as a medium of exchange,
a. the gains from trade would be severely limited. b. our standard of living would probably improve. c. the transaction costs of exchange would be lower. d. economic efficiency would increase.
The two stage least squares estimator is less efficient than the ordinary least squares estimator when the explanatory variables are exogenous.
Answer the following statement true (T) or false (F)