The TSLS estimator is
A) (X'X)-1 X'Y
B) (X'Z(Z'Z)-1 Z'X)-1 X'Z(Z'Z)-1 Z' Y
C) (X?-1X)-1(X?-1Y)
D) (X'Pz)-1PzY
Answer: B
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In the figure above, if the firm is regulated using a marginal cost pricing rule, the consumer surplus created is equal to the area of
A) ABG. B) ACF. C) BCFG. D) BCE. E) None of the above because there is no consumer surplus created.
Refer to Figure 15-16. In the absence of any government regulation, the profit-maximizing owners of this firm will produce ________ units and charge a price of ________
A) Q3 units; P3 B) Q1 units; P4 C) Q2 units; P2 D) Q0 units; P0
A country’s GDP per capita is calculated by dividing the GDP by _______.
a. purchasing power parity (PPP) b. exchange rate c. GDP over time d. population
Refer to Table 1-2. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?
A) $0 B) $18 C) $54 D) $65