The basic factors of production include
A. Labor and money.
B. Land, labor, capital, and entrepreneurship.
C. Land, labor, money, and capital.
D. Land, labor, money, and inputs.
Answer: B
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Based on the lost-income approach, which of the following 30 year old males would most likely be worth the most in terms of the value of his life?
A) Devin, a high-school dropout who works as a barista. B) Antonio, a college graduate who is on permanent disability due to severe diabetes. C) Timothy, a licensed electrician with two years of college. D) Jamal, a CPA with a master's degree in accounting.
The demand for oranges increases while the supply decreases. The equilibrium price of oranges ________, and the equilibrium quantity ________
A) rises; decreases B) falls; perhaps changes but we can't say if it increases, decreases, or stays the same C) falls; increases D) does not change; perhaps changes but we can't say if it increases, decreases, or stays the same E) rises; perhaps changes but we can't say if it increases, decreases, or stays the same
When calculating the TSLS standard errors
A) you do not have to worry about heteroskedasticity, since it was eliminated in the first stage B) you can use the standard errors reported by OLS estimation of the second stage regression. C) the critical values from the standard normal table should be adjusted for the proper degrees of freedom. D) you should use heteroskedasticity-robust standard errors.
During Prohibition overdose and accidental poisoning due to alcohol _____ and the variation in the quality of alcohol _______
a. fell; fell b. fell; increased c. increased; fell d. increased; increased