An estimation method is unbiased if it produces a(n) ________ that equals the ________ on average
A) R2; t-statistic
B) estimated coefficient; true coefficient
C) error term; standard error
D) estimated coefficient; residual
B
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The labor demand curve slopes downward because
a. firms wish to hire fewer workers as the wage rate increases b. households wish to hire fewer workers as the wage rate decreases c. firms wish to hire more workers as the wage rate increases d. firms wish to supply fewer workers as the wage rate increases e. households wish to provide fewer hours of work as the wage rate decreases
Which of the following would most likely cause the movement from S 1 to S 2 ?
a. A much higher percentage of high school graduates seek jobs rather than go to
college.
b. There is an increasing trend among people in their fifties to retire early.
c. A well-publicized medical study motivates a large number of people to reduce their
work hours.
d. A country uses the profits from its nationalized oil industry to give an income subsidy
to all citizens.
The currency of the United States is:
A. backed dollar for dollar by gold. B. backed by a gold cover of 50 percent. C. not backed by any precious metal. D. backed by the government's silver reserves.
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement.
A. normative; normative B. normative; positive C. positive; normative D. positive; positive