Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation.
B. low economic growth and high inflation.
C. high economic growth and low inflation.
D. low economic growth and low inflation.
Answer: B
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The production function shows that as employment increases, real GDP
A) increases until it reaches potential GDP and then it starts to decrease. B) increases at a decreasing rate. C) decreases at a decreasing rate. D) increases at an increasing rate. E) increases at a constant rate.
In the presence of heteroskedasticity, and assuming that the usual least squares assumptions hold, the OLS estimator is
A) efficient. B) BLUE. C) unbiased and consistent. D) unbiased but not consistent.
Solving a moral hazard problem in a transaction would benefit
a. The seller only b. The buyer only c. Both the parties d. None of the parties
A good economic theory is always more useful when it includes detailed facts, even if the facts are not relevant to the questions being investigated
a. True b. False Indicate whether the statement is true or false