Which of the following accurately explains the difference between slope and elasticity?
a. Slope uses percentage points; elasticity uses equilibrium points.
b. Slope uses equilibrium points; elasticity uses percentage points.
c. Slope uses relative percentage changes; elasticity uses units of measurement.
d. Slope uses units of measurement; elasticity uses relative percentage changes.
d. Slope uses units of measurement; elasticity uses relative percentage changes.
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To test whether or not the population regression function is linear rather than a polynomial of order r,
A) check whether the regression R2 for the polynomial regression is higher than that of the linear regression. B) compare the TSS from both regressions. C) look at the pattern of the coefficients: if they change from positive to negative to positive, etc., then the polynomial regression should be used. D) use the test of (r-1) restrictions using the F-statistic.
To keep employees from shirking, you can invest in greater monitoring
a. even though monitoring is expensive b. especially when monitoring is not very efficient c. when employees fail to respond to incentive contracts d. when incentives solve both moral hazard and adverse selection problems with employees
In a simple circular flow model, a. households are suppliers of resources
b. households are demanders of final products. c. firms are demanders of resources. d. all of the above are true.
If Individual A and Individual B face a prisoner's dilemma, the ideal strategy is for: a. Individual A to confess and Individual B to not confess. b. Individual B to confess and Individual A to not confess. c. both individuals to confess
d. both individuals to not confess.