Common property
A. is owned by everyone.
B. is owned by no one.
C. Neither A nor B are correct.
D. Both A and B are correct.
Answer: D
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The government imposes a sales tax on hot dogs. The tax would be paid entirely by the hot dog buyers if the
A) supply is perfectly elastic. B) supply is perfectly inelastic. C) demand is perfectly elastic. D) None of the above answers is correct.
The base year refers to the year whose:
A. prices are used to calculate real GDP for all years. B. levels of output are used to calculate the real GDP for all years. C. prices are used to calculate nominal GDP for all years. D. levels of output are used to calculate the nominal GDP for all years.
Perfect income equality means:
A. people earn different amounts based on what they do, but everyone in the same job earns the same amount. B. everyone earns the exact same amount. C. everyone enjoys exactly the same standard of living. D. everyone earns exactly what they're worth.
The Tobit model relies crucially on normality and heteroskedasticity in the underlying latent variable model.
Answer the following statement true (T) or false (F)