A ______ is a testable proposition that makes some type of prediction about behavior in response to certain changes in conditions based on our assumptions.
a. correlation
b. principle
c. hypothesis
d. resource
c. hypothesis
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The larger the wealth effect, the less likely it is that a wage tax will give rise to a Laffer curve that has a downward sloping portion.
Answer the following statement true (T) or false (F)
Consider a model with one endogenous regressor and two instruments. Then the J-statistic will be large
A) if the number of observations are very large. B) if the coefficients are very different when estimating the coefficients using one instrument at a time. C) if the TSLS estimates are very different from the OLS estimates. D) when you use homoskedasticity-only standard errors.
\Suppose the quantity demanded of steak is 200 million pounds per year when the price is $6 per pound and 400 million pounds per year when the price is $2 per pound. The price elasticity of demand for steak over this range is:
a. elastic. b. inelastic. c. unitary elastic. d. perfectly elastic. e. perfectly inelastic.
Various studies have recommended changes in the Federal Reserve structure and policy that include
a. having Congress set the discount rate. b. placing monetary policy in the control of Congress. c. dissolving the Board of Governors. d. making each appointment to the Board of Governors a lifetime appointment.