In the correlated random effects approach, the regression model includes _____.
A. time averages as separate explanatory variables
B. at least one dummy variable
C. more than one endogenous explanatory variable
D. an instrumental variable
Answer: A
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Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table. Mr. Crusoe, while lonesome, is efficient and always stays on his PPF. Mr
Crusoe is consuming 20 pounds of fish. Then he decides to slowly become a vegetarian and decrease his consumption of fish to 9 pounds. This decision means that Mr. Crusoe will A) incur an opportunity cost of 9 pounds of fruit. B) incur an opportunity cost of 99 pounds of fruit. C) be able to enjoy a gain of 9 pounds of fruit. D) incur an opportunity cost of 20 pounds of fish. E) incur an opportunity cost of 9 pounds of fish.
When the price of a good or service changes a. the supply curve shifts in the opposite direction. b. the demand curve shifts in the opposite direction. c. the demand curve shifts in the same direction
d. there is a movement along a given demand curve.
The opportunity cost of an action is
a. the monetary payment the action required. b. the total time spent by all parties in carrying out the action. c. the value of the best opportunity that must be sacrificed in order to take the action. d. the cost of all alternative actions that could have been taken, added together.
A factor that might have contributed to the weakening of the U.S. economy in 2007-2009 was
A. rapid growth of the money stock. B. rising levels of federal government spending. C. uncertainty concerning the outcome of the 2008 presidential election. D. historically-low interest rates.