"Ordinary least squares" is a technique that can be used to
A) identify the best model.
B) determine which variables in a model are endogenous and which are exogenous.
C) obtain a bar graph showing successive quarterly increases in output.
D) obtain a line describing consumption behavior in the real world.
E) determine the direction of causation between consumption and income.
D
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Comparing the simple Keynesian model with the IS-LM model, in the IS-LM model
a. the government spending multiplier is larger. b. the balanced budget multiplier is larger. c. the tax multiplier is smaller. d. there is no difference between any of the multipliers.Figure 7-2
In the dominant firm model as evidenced by the production of iPods by Apple, the entrance of the competitive fringe firms has what effect on the dominant firm?
A) Its price is lower, but it produces more output. B) Its price is lower, and it produces less output. C) Its price is the same, but it produces less output. D) Its price is higher, but it produces more output.
Total revenue is
A) price × quantity. B) change in price × change in quantity. C) change in price × quantity. D) price × change in quantity.
If you worked 35 hours a week at a minimum wage job you could ________ a family of four above the poverty line.
A. easily keep B. barely keep C. not come close to keeping