?If each variable in a single cross-sectional equation is differenced over time, then it is called the:
A. ?unobserved effects model.
B. ?first-differenced estimator.
C. ?fixed effects model.
D. ?first-differenced equation.
Answer: D
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If economic profit is equal to zero, then
A) the entrepreneur's profit as measured by accountants is also equal to zero. B) the entrepreneur's profit as measured by accountants must be less than zero. C) the entrepreneur is making only a normal profit. D) The entrepreneur's profit cannot be determined based on the information given.
One of the keys to reducing poverty is
A. Government control of resources. B. Increased economic growth. C. The redistribution of existing incomes. D. Increased population growth.
Which of the following distinguishes a natural monopoly from monopoly caused by ownership of a vital resource?
A. The natural monopoly has a marginal cost curve above its average cost curve at all levels of output, whereas the marginal cost in other monopolies is above average cost. B. The natural monopoly does not require any government intervention because it is only efficient to have one large firm supplying the market, but other monopolies do require government intervention to maintain efficiency. C. The natural monopoly has a downward-sloping long-run average cost curve as opposed to a U-shaped long-run average cost curve. D. The natural monopoly occurs with naturally occurring products like gold and diamonds, whereas other monopolies occur with man-made products.
Economists prefer to look at declared preferences (how they say they behave) rather than revealed preferences (how people actually behave)
a. True b. False Indicate whether the statement is true or false