Panel data
A) is also called longitudinal data.
B) is the same as time series data.
C) studies a group of people at a point in time.
D) typically uses control and treatment groups.
Answer: A
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How does a decrease in the price of one good affect a consumer's budget constraint? How is the effect different from a decrease in the consumer's income?
What will be an ideal response?
A technological change that increases productivity ________ marginal product and ________ marginal cost
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
In the automobile industry, workers have just negotiated a new contract giving workers a large raise. There has also been an increase in the number of licensed drivers who are in the market for a new car
In the market for new automobiles, the effects that these changes will have on the equilibrium price and quantity are A) price will increase, and quantity will decrease. B) price will increase, and the effect on quantity is indeterminate. C) price will decrease, and quantity will increase. D) price will decrease, and the effect on quantity is indeterminate.
Fill in the blanks. The demand curve for an inferior good is _________ sloping, while the demand curve for a Giffen good is _______ sloping.
a. downward; downward. b. downward; upward. c. upward; downward. d. upward; upward.