Real GDP values current output of goods and services at their current prices.
Answer the following statement true (T) or false (F)
False
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Beachcomber Beatrice spent her entire wealth of $100,000 to build a beach house on the Gulf of Mexico. There is a 10 percent chance that the house will be totally destroyed by a hurricane
Beatrice's utility of wealth schedule is given in the table above. What is the minimum amount that the insurance company would require Beatrice to pay for an insurance policy that pays $100,000 if her beach house is destroyed by a hurricane? (Assume the insurance company has no other costs.) A) $10,000 B) $30,000 C) $40,000 D) $60,000
If an increase in quantity demanded of a product reduces the quantity demanded of another, then the two goods are said to be substitutes.
Answer the following statement true (T) or false (F)
Under the least squares assumptions (zero conditional mean for the error term, Xi and Yi being i.i.d., and Xi and ui having finite fourth moments), the OLS estimator for the slope and intercept
A) has an exact normal distribution for n > 15. B) is BLUE. C) has a normal distribution even in small samples. D) is unbiased.
The main component of the monetary union created by the Treaty of Maastricht is a(n)
A. single currency. B. gold standard. C. bilateral barter system of currencies. D. unified stock market.