Jack exported a rare painting illegally. This transaction will:
A) cause the GDP of his country to increase.
B) not affect the calculation of his country's GDP.
C) cause the GDP of the country he has exported it to increase.
D) cause the GDP of his country to decrease.
B
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Elasticity
A. deals with percentage changes in price and quantity demanded. B. employs percentage changes calculated in terms of average values of the prices and quantities at issue. C. is generally stated in absolute value. D. All of the responses are correct.
In practice, you may want to use the OLS estimator instead of the WLS because
A) heteroskedasticity is seldom a realistic problem B) OLS is easier to calculate C) heteroskedasticity robust standard errors can be calculated D) the functional form of the conditional variance function is rarely known
Which of the following statements is always true with respect to oligopolists?
a. They react slowly to actions taken by other firms b. They lower prices together c. They raise prices together d. They know with certainty what they other firms will do e. They take into consideration how other firms might react.
In the short run if price is below average variable cost the firm will
A. go out of business. B. stay in business. C. shut down. D. operate.