Which of the following is an example of FGLS estimation?
A. Dickey-Fuller estimation
B. Vector error correction estimation
C. Prais-Winsten estimation
D. OLS estimation.
Answer: C
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In computing GDP, it is essential to
A) avoid double counting. B) include government transfer payments. C) include government tax revenues. D) count all intermediate products directly as they are produced.
If a road is congested, then use of that road by an additional person would lead to a
a. negative externality. b. positive externality. c. Pigovian externality. d. free-rider problem with rush hour drivers stuck in traffic.
Ms. Birnbaum is buying bottles of beer and bags of pretzels. The marginal utility of the last bottle of beer is 60 and the marginal utility of the last bag of pretzels is 30. The price of beer is $0.30 per bottle and the price of pretzels is $0.20 per bag. Ms. Birnbaum
A. is not spending all her income. B. should buy more pretzels and less beer. C. is buying beer and pretzels in the utility-maximizing amounts. D. should buy more beer and fewer pretzels.
If a household earning $50,000 annually pays $10,000 in taxes while a household earning $100,000 annually pays $20,000 in taxes, then the tax system is
A. progressive. B. redistributive. C. neither regressive nor progressive. D. regressive.