Rent seeking is a way of earning profit without adding to the product's value
a. True
b. False
Indicate whether the statement is true or false
True
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Every transaction concerning the exportation of U.S. goods constitutes a
A) demand for dollars, with no effect on markets for foreign currencies. B) supply of foreign currency, with no effect on the market for dollars. C) supply of foreign currency and demand for dollars. D) demand for foreign currency and a supply of dollars.
When sellers have more information about hidden characteristics of a good than buyers have, more low-quality units are likely to be sold than high-quality units. This is
a. the law of diminishing marginal returns b. the law of natural selection c. the winner's curse d. the lemons problem e. the problem of common pools
An alternative to using simultaneous equation models with panel data is:
A. to use OLS estimates after first differencing the data. B. to use fixed effects transformation on the equations and then apply 2SLS. C. to convert the equations into reduced form and then apply feasible generalized least squares. D. to convert the equations into reduced form and then apply OLS.
Which of the following is NOT included using the transactions approach to measuring the money supply (M1)?
A) certificates of deposit B) traveler's checks C) currency D) transaction deposits