Which of the following is true when an economy is producing efficiently?
A. The economy is producing outside the production possibilities curve.
B. Everyone in the economy is happy.
C. The economy is producing on the production possibilities curve.
D. The economy is getting the fewest goods and services from the available resources.
Answer: C
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The use of trade barriers to enforce standards abroad raises all of the following concerns EXCEPT
A) the potential deadweight losses in consumption and production at home. B) the lack of agreement over specific content of standards. C) the potential for the use of trade barriers to erupt into a bigger trade war. D) the difficulty of knowing whether some of the concerns are over standards or veiled protectionism. E) only small countries may be able to use trade barriers effectively.
Which of the following statements is true?
A. OLS is a model, whereas feasible GLS is an estimation method. B. OLS is an estimation method, whereas feasible GLS is a model. C. Both OLS and feasible GLS are models. D. Both OLS and feasible GLS are estimation methods.
In the case of a linear demand curve, demand becomes more price elastic as price increases
Indicate whether the statement is true or false
Most empirical testing in macroeconomics uses data beginning from about 1950.
Answer the following statement true (T) or false (F)