Time series data should be stored:
A. with the earliest time period listed as the first observation, and the most recent time period as the last observation.
B. with the earliest time period listed as the last observation, and the most recent time period as the first observation.
C. with the time period in which the concerned variable takes the highest value listed as the first observation, and the time period in which the concerned variable takes the lowest value as the last observation.
D. with the time period in which the concerned variable takes the lowest value listed as the first observation, and the time period in which the concerned variable takes the highest value as the last observation.
Answer: A
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A copper ore refiner pollutes the water upstream from a brewery. These are the only two parties involved. The transactions costs of reaching an agreement between the refinery and the brewery are low
The amount of water pollution will be at the efficient level A) only when the property right to the stream is assigned to the ore refinery. B) only when the property right to the stream is assigned to the brewery. C) when the property right to the stream is assigned to either the refinery or to the brewery. D) when no one has clear property rights.
Monetarism resembles Keynesian thinking in that they both
a. emphasize supply and ignore demand. b. integrate supply-side analysis into their models. c. emphasize demand side effects. d. emphasize the importance of fiscal policy.
The marginal rate of substitution is
A. the slope of the budget line at all points. B. found by adding additional units. C. the change in the quantity of one good that just offsets a unit change in another good, keeping utility constant. D. equal to unit changes in the quantities of both goods so that utility rises.
What adjusts to restore general equilibrium after a shock to the economy?
A. The FE line B. The IS curve C. The labor supply curve D. The LM curve