When a nation's net exports are equal to zero, it has a
A. deficit in trade.
B. surplus in trade.
C. balanced trade.
D. shortage in trade.
Answer: C
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Which of the following statements is not correct?
a. Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry. b. Both monopolistic competition and oligopoly fall in between the more extreme market structures of competition and monopoly. c. Monopolistic competition is different from oligopoly because each seller in monopolistic competition is small relative to the market, whereas each seller can affect the actions of other sellers in an oligopoly. d. Both monopolistic competition and perfect competition are characterized by product differentiation.
Suppose there are 65 million employed persons, 5 million unemployed persons, and 35 million persons not in the labor force. What does the civilian noninstitutional population equal?
A) 70 million B) 110 million C) 65 million D) 105 million
Which of the following measures of fit penalizes a researcher for estimating many coefficients with relatively little data?
A. Adjusted R-square B. R-square C. t-statistic D. Neither the t-statistic, the R-square, nor the adjusted R-square
Suppose there are two small island countries: Avarice, which is populated by people who are completely self-interested, and Altruism, which is populated by people who have adopted social norms of generosity and cooperation. Commitment problems will be:
A. largely avoided on both islands. B. largely avoided in Altruism, but prevalent in Avarice. C. largely avoided in Avarice, but prevalent in Altruism. D. prevalent on both islands.