Which of the following is not assumed in perfect competition?
a. there are numerous sellers of a product
b. all products are identical
c. no advertising exists
d. all firms are equally efficient in the short run
d. all firms are equally efficient in the short run
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A video available on a Web site that allows free download is a ________
A) private good B) public good C) club good D) common pool resource
One way the United States has tried to encourage welfare recipients to acquire human capital is by
A) providing a free college education. B) setting a 1-year limit on temporary assistance. C) tax rebates. D) requiring a adult member of the household to either work or perform community service.
Omitted variable bias
A) will always be present as long as the regression R2 < 1. B) is always there but is negligible in almost all economic examples. C) exists if the omitted variable is correlated with the included regressor but is not a determinant of the dependent variable. D) exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.
The national income accounting system measures economic activity based on the concept of _____
a. absolute advantage of different industries in an economy b. the circular flow of precious metal and money through the different sectors of an economy c. comparative advantage of different industries in an economy d. the circular flow of output and income through the different sectors of an economy e. the circular flow of labor and other resources through the different sectors of an economy