The components of internal validity are
A) a large sample, and BLUE property of the estimator.
B) a regression R2 above 0.75 and serially uncorrelated errors.
C) unbiasedness and consistency of the estimator, and desired significance level of hypothesis testing.
D) nonstochastic explanatory variables, and prediction intervals close to the sample mean.
Answer: C) unbiasedness and consistency of the estimator, and desired significance level of hypothesis testing.
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The government strives to operate at neither a deficit nor surplus budget in order to keep the federal budget
A) balanced. B) in line with the stock market. C) equal to that of other countries. D) equal to inflation.
Economics can be defined as the social science that explains the ________
A) choices made by politicians B) choices we make when we trade in markets C) choices that we make as we cope with scarcity D) choices made by households
Refer to Figure 2-8. Suppose Vidalia is currently producing 20 dozen orchids per period. How many roses is it also producing, assuming that resources are fully utilized?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
The following is an example of adverse selection
a. A majority of those applying for well paid jobs are well qualified b. More reckless drivers opt for cars with fewer safety devices c. Individuals living in less secure neighborhoods want to buy more insurance d. Individuals with a strong family history of heart diseases opt to buy less insurance