Which of the following often implies that a single variable acts as a ‘sufficient statistic’ for predicting the outcome variable, y?
A. Ceteris paribus
B. Conditional independence assumption
C. Efficient markets theories
D. Gauss-Markov theorem
Answer: C
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Under a flexible exchange rate system, an increase in the value of a domestic currency in terms of other currencies is referred to as
A) an appreciation. B) a depreciation. C) a devaluation. D) a revaluation.
A common resource is:
A. rival in consumption and excludable. B. not rival in consumption, but excludable. C. rival in consumption, but not excludable. D. not rival in consumption and not excludable.
Scarcity:
a. is a problem only in the poorer countries of the world. b. can be solved by rapid advances in technology. c. is a problem that exists in every economy. d. is not a problem for the very rich.
The total revenue received by sellers of a good is the same amount as the:
A. Total income earned by the buyers B. Total amount spent on the good by the buyers C. Price paid by the buyers for each unit of the good D. Profits earned by the sellers of the good