The value of goods produced in a previous year but sold in the current year is added to the GDP for the current year
Indicate whether the statement is true or false
FALSE
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Which question is an example of a microeconomic question?
A. What should the federal government do to reduce the trade deficit with Japan? B. What factors are contributing to the steep rise in the federal government's total debt? C. Will the merger of two airlines likely lead to higher cost of air travel in the economy? D. Will the inflation rate remain relatively stable this year?
To find the market demand curve for in-line skates, we must
A) add the quantities demanded at every price and every income by every buyer of in-line skates. B) add the quantities demanded at prices that all buyers can afford to pay. C) take account of the skate buying plans of all actual and potential buyers in all possible situations. D) sum horizontally the individual demand curves of all the buyers. E) None of the above answers is correct because we need also to take account of the supply of in-line skates.
You should use the QLR test for breaks in the regression coefficients, when
A) the Chow F-test has a p value of between 0.05 and 0.10. B) the suspected break data is not known. C) there are breaks in only some, but not all, of the regression coefficients. D) the suspected break data is known.
The poverty rate is
A. The percentage of the population that is counted as poor. B. An annual income of less than $29,000 for a family of four in 2014. C. The percentage of the population that receives food stamps. D. The income needed for an individual to be above the poverty line.