An asset's liquidity refers to its ability to be:
A. Bought and stored
B. Increasing in value over time
C. Used and enjoyed
D. A means of payment
D. A means of payment
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The number of units of the good on the horizontal axis that we are willing to give up to get one more unit of the good on the vertical axis is equal to the absolute value of the slope of the indifference curve.
Answer the following statement true (T) or false (F)
Other things remaining the same, which of the following is likely to cause a decrease in both the wage rate and the number of workers hired in a glass factory?
A) The introduction of labor-saving technology in the factory B) The introduction of labor-complementary technology in the factory C) A decrease in the population in the region where the factory is located D) An increase in the population in the region where the factory is located
No clearly defined socially preferred outcome may result when majority voting on outcomes because
A) often voters don't understand the outcomes. B) voting may violate the independence of irrelevant alternatives. C) voting may lead to incomplete preferences. D) voting may lead to non-transitive preference.
Correlation of the regression error across observations
A) results in incorrect OLS standard errors. B) makes the OLS estimator inconsistent, but not unbiased. C) results in correct OLS standard errors if heteroskedasticity-robust standard errors are used. D) is not a problem in cross-sections since the data can always be "reshuffled."