What the text calls "the economic way of thinking" is primarily
What will be an ideal response?
a method or testable approach rather than a dogma.
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"One should never bother with WLS. Using OLS with robust standard errors gives correct inference, at least asymptotically." True, false, or a bit of both? Explain carefully what the quote means and evaluate it critically
What will be an ideal response?
Each resource described in the table is an element of human capital, physical capital, or natural resources. In the following table, choose the correct type of resource illustrated by each example. Human capital Physical capital Natural resources A musical instrument used by a professional band The ability to multitask, which is enhanced through college and internships A body of water used to transport goods from one island to another
What will be an ideal response?
In order to maintain an undervalued yuan to encourage a trade surplus, the Chinese government must buy dollars and increase the supply of yuan
Indicate whether the statement is true or false
Which of the following is not a reason why the prospects for the further expansion of developing country commodity exports are likely to be limited?
(a) Low income elasticities for these products. (b) Low likelihood of development of further synthetic substitutes. (c) Continued agricultural protection despite trade agreements. (d) Declining terms of trade.