If the explained sum of squares is 35 and the total sum of squares is 49, what is the residual sum of squares?
A. 10
B. 12
C. 18
D. 14
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. The substitution and income effects are in opposition when the price of an inferior good changes. 2. The income and substitution effect always go in opposite directions. 3. An inferior good is one that is of lower quality than a substitute. 4. When the price of a good rises, the income effect always reduces the quantity demanded of the good. 5. If the price of a non-Giffen good falls, then the income effect causes a rise in the quantity demanded.
The larger a country is relative to the rest of the world, the less likely it is to be able to produce a net benefit for its citizens by imposing an import tariff.
Answer the following statement true (T) or false (F)
The Federal Reserve System is the
A) insurance agency the insures deposits. B) central bank of the United States. C) law enforcement agency that tracks counterfeit money. D) federal government agency that undertakes deregulation for depository institutions.
Refer to the given figure and assumptions. How many domestic-born (and legal immigrant) workers will be hired at equilibrium?
(1) Employers in this market are willing and able to ignore minimum wage laws;
(2) S d represents the supply of domestic-born (and legal immigrant) workers; (3) S t represents
the total supply of workers in this labor market (S d plus illegal immigrants); and (4) unless
otherwise stated, illegal immigration is not effectively blocked by the government.
A. 200,000.
B. 250,000.
C. 350,000.
D. 450,000.