Which of the following is a method to correct for sample selection bias for the problem of incidental truncation?
A. Vector error correction method
B. First differencing method
C. Heckman's method
D. Johansen method
Answer: C
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What determines the perfect competitor's supply curve? How is the industry supply curve found?
What will be an ideal response?
A monopolistically competitive market can also be:
A. perfectly competitive market. B. a monopoly. C. an oligopoly. D. All of the above.
Potential output is the amount produced when: a. firms' and workers' expectations about the price level are realized
b. the actual price level is higher than the price level expected by workers. c. firms and workers have the same expectations about the price level. d. the actual price level remains constant. e. the actual price level is lower than the price level expected by firms.
In Graph C, if P1 moved to P2 which of the following would most likely happen?
a. The price of leather would decrease.
b. The price of leather would decrease, but the quantity of leather would increase.
c. The price of leather would increase, but the quantity of leather would decrease.
d. The quantity of leather would increase.