Refer to Table 9-14. The real average hourly earnings for 1965 in 2010 dollars equal
A) $3.87.
B) $5.80.
C) $12.10.
D) $18.14.
D
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If New York City expects that an increase in bus fares will raise mass transit revenues, it must think that the demand for bus travel is
a. elastic b. unit elastic c. inelastic d. perfectly inelastic e. 10
The more money firms spend on R&D the faster the economy is expected to grow.
Answer the following statement true (T) or false (F)
Which of the following is a drawback of including proxy variables in a regression model?
A. It leads to misspecification analysis. B. It reduces the error variance. C. It increases the error variance. D. It exacerbates multicollinearity.
Supply curves slope upward because:
A. the quality is assumed to vary with price. B. technology improves over time, increasing the ability of firms to produce more at each possible price. C. increases in the price of a good lead to rightward shifts of the supply curve. D. rising prides provide producers with the incentives needed to increase the quantity supplied.