Economic reasoning is based on the premise that:
a. all decisions or actions are costless.
b. only non-economic decisions or actions have a cost associated with them.
c. only economic decisions or actions have a cost associated with them.
d. all decisions and actions have a cost associated with them.
d
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When considering a two-input production function, one of which is increasing while the other is fixed, at some point called the point of diminishing returns, output will increase at a decreasing rate
Indicate whether the statement is true or false
Omitted variable bias
A) will always be present as long as the regression R2 < 1. B) is always there but is negligible in almost all economic examples. C) exists if the omitted variable is correlated with the included regressor but is not a determinant of the dependent variable. D) exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.
Which of the following groups analyzes federal budgets proposals?
a. The Council of Economic Advisors. b. The Office of Management and Budget. c. The Congressional Budget Office. d. The House and Senate Budget Committees.
Which of the following is a key characteristic of economic freedom?
What will be an ideal response?