Answer the following statement true (T) or false (F)
1) "Tax Freedom Day" in the United States typically occurs in mid-July.
2) Government assumes some responsibility for providing a minimum standard of living for all
citizens to compensate for the increase in income inequality caused by government tax
revenues and expenditures.
3) The largest source of local government's revenue is the sales tax.
4) The basic source of state government's revenue is the property tax.
1) F
2) F
3) F
4) F
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Which set of points would show a movement from depression to full employment?
A. a movement from Point C to B
B. a movement from Point B to A
C. a movement from Point C to E
D. a movement from Point D to C
Explain why the monopolist has no supply curve?
What will be an ideal response?
Your task is to estimate the ice cream sales for a certain chain in New England
The company makes available to you quarterly ice cream sales (Y) and informs you that the price per gallon has approximately remained constant over the sample period. You gather information on average daily temperatures (X) during these quarters and regress Y on X, adding seasonal binary variables for spring, summer, and fall. These variables are constructed as follows: DSpring takes on a value of 1 during the spring and is zero otherwise, DSummer takes on a value of 1 during the summer, etc. Specify three regression functions where the following conditions hold: the relationship between Y and X is (i) forced to be the same for each quarter; (ii) allowed to have different intercepts each season; (iii) allowed to have varying slopes and intercepts each season. Sketch the difference between (i) and (ii). How would you test which model fits the data the best? What will be an ideal response?
At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . If the player were to be made indifferent between playing the game or not, how much should the owner charge him?
a. $30 b. $40 c. $50 d. $80