The Gauss-Markov theorem for multiple regression states that the OLS estimator
A) has the smallest variance possible for any linear estimator.
B) is BLUE if the Gauss-Markov conditions for multiple regression hold.
C) is identical to the maximum likelihood estimator.
D) is the most commonly used estimator.
Answer: B
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In the figure above, both Joe and Jill initially produce at point A. If Joe and Jill realize that they each possess a comparative advantage, which outcome can we expect?
A) Joe will specialize in shirts and Jill will specialize in pants. B) Joe will specialize in pants and Jill will specialize in shirts. C) Joe and Jill each will be able to consume more than 2 shirts and 2 pairs of pants. D) Both answers B and C are correct.
The rate of interest banks charge other banks for overnight loans of reserves is the
A) prime rate. B) discount rate. C) federal funds rate. D) real rate.
Is peak pricing economically efficient? Explain. Give an example to illustrate your answer.
What will be an ideal response?
Which of the following would shift the U.S. short-run aggregate supply curve to the right?
a) A fall in the number of migrant workers from Mexico b) Higher oil prices c) An increase in welfare benefits d) An loosening of the restrictions on child labor