The concepts of exogeneity, strict exogeneity, and predeterminedness
A) are defined in such a way that strict exogeneity implies exogeneity.
B) can be used interchangeably.
C) are defined in such a way that exogeneity implies strict exogeneity.
D) correspond to endogeneity, strict endogeneity, and lagged endogenous variables.
Answer: A
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Positions that involve a considerable amount of personal risk
a. typically have negative compensating wage differentials b. usually have better fringe benefits for employees c. have higher demand by firms d. pay lower wages e. typically have positive compensating wage differentials
The United States has been willing to trade-off greater efficiency for greater wage equality.
Answer the following statement true (T) or false (F)
The above figure is referred to as a(n)
A. production possibilities curve. B. supply-demand curve. C. consumption curve. D. scarcity-shortage curve.
Refer to the above table. Suppose the firm hires 5 workers and the price of the good sold is $3. The marginal factor cost of labor must be
A. $900. B. $3. C. $100. D. $300.