Which of the following statements correctly identifies the difference between an autoregressive model and a vector autoregressive model?
A. In an autoregressive model, the dependent variable is expressed as a function of its own lag, whereas in a vector autoregressive model, the dependent variable is expressed as a function of the lag of an explanatory variable.
B. In an autoregressive model, the dependent variable is expressed as a function of the lag of an explanatory variable, whereas in a vector autoregressive model, the dependent variable is expressed as a function of its own lag.
C. In an autoregressive model several series are modeled in terms of their own past, whereas in a vector autoregressive model only one series is modeled in terms of its own past.
D. In an autoregressive model one series is modeled in terms of its own past, whereas in a vector autoregressive model several series are modeled in terms of their past.
Answer: D
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The corn market is perfectly competitive, with thousands of corn farmers. In the 2000s, the price of corn soared so that new farmers entered the corn market
Initially, entry ________ the economic profit of the initial corn farmers and in the long run the initial corn farmers ________. A) increased; made an even greater economic profit than initially B) decreased; made zero economic profit C) increased; made zero economic profit D) decreased; incurred an economic loss E) increased; made an economic profit
Increasing wage rates will result in more hours worked.
A. True B. False C. Uncertain
A monopolist is maximizing profit at an output rate of 1,000 units per month. At this output rate, the price that its customers are willing and able to pay is $8 per unit, average total cost is $5 per unit, and marginal cost is $6 per unit
It may be concluded that at this monthly output rate, marginal revenue is A) $5 per unit, and the monopolist earns zero economic profits. B) $6 per unit, and the monopolist earns economic profits of $2,000 per month. C) $6 per unit, and the monopolist earns economic losses of $1,000 per month. D) $6 per unit, and the monopolist earns economic profits of $3,000 per month.
If you hire different workers each depending on the amount of sales you expect, this is an example of a ________ cost
a. fixed b. variable c. total d. marginal