Possible solutions to omitted variable bias, when the omitted variable is not observed, include the following with the exception of
A) panel data estimation.
B) nonlinear least squares estimation.
C) use of instrumental variables regressions.
D) use of randomized controlled experiments.
Answer: B) nonlinear least squares estimation.
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Consider two people, Sandy Smith, who earns $25,000 . and Gary Carver, who earns $50,000 . If the government has decided to tax everyone's first $25,000 at 20 percent and everyone's second $25,000 at 40 percent, then Gary pays:
a. $10,000 in taxes and Sandy pays $5,000 in taxes. b. $10,000 in taxes and Sandy pays $10,000 in taxes. c. $15,000 in taxes and Sandy pays $5,000 in taxes. d. $15,000 in taxes and Sandy pays $10,000 in taxes. e. $17,000 in taxes and Sandy pays $5,000 in taxes.
A worker will become indifferent between spending the next hour on work or leisure if the benefit of another hour of work is:
A. less than the opportunity cost. B. exactly equal to the opportunity cost. C. constant for each additional hour worked. D. greater than the opportunity cost.
There is a permanent underclass totaling about _____% of our population.
Fill in the blank(s) with the appropriate word(s).
This table shows the price-level adjustment as compared to the United States. CountryPrice-Level AdjustmentAustralia-0.50China0.25Mexico0.34United States0.00According to the information in the table shown, if someone were earning $20,000 in Mexico, approximately what would he need to earn in the United States to enjoy the same amount of goods and services?
A. $30,303 B. $20,030 C. $15,000 D. $35,000