The long-run supply curve for a constant-cost perfectly competitive industry is
a. a ray from the origin at a 45-degree angle
b. perfectly inelastic
c. somewhat inelastic
d. perfectly elastic
e. declining
D
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Simultaneous causality bias
A) is also called sample selection bias. B) happens in complicated systems of equations called block recursive systems. C) results in biased estimators if there is heteroskedasticity in the error term. D) arises in a regression of Y on X when, in addition to the causal link of interest from X to Y, there is a causal link from Y to X.
Paine Pharmaceuticals produces medicines in the U.S. Its overseas sales
a. are an export of the U.S. and increase U.S. net exports. b. are an export of the U.S. and decrease U.S. net exports. c. are an import of the U.S. and increase U.S. net exports. d. are an import of the U.S. and decrease U.S. net exports.
Which of the following is correct?
a. Economic fluctuations are easily predicted by competent economists. b. Recessions have never occurred very close together. c. Spending, income, and production do not fluctuate closely with real GDP. d. None of the above is correct.
Stagflation is the simultaneous occurrence of
A) low inflation and high unemployment. B) high inflation and low unemployment. C) low inflation and low unemployment. D) high inflation and high unemployment.