The Cochrane-Orcutt iterative method is
A) a special case of GLS estimation.
B) a method to compute HAC standard errors.
C) a special case of maximum likelihood estimation.
D) a grid search for the autoregressive parameters on the error process.
Answer: A
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Between the 1921 recession and 1929, the U.S. economy was described as healthy. Which of the following changes in economic indicators is correctly stated and supports this claim?
(a) Real Gross Domestic Product (RGDP) increased per capita (b) There were increases in real income but they were more unequally distributed (c) Consumer spending on credit increased dramatically (d) There was a decline in total building construction
Complete the following analogy: A criminal is to a police artist's sketch as the economy is to:
a. money. b. an economic model. c. a resource. d. Ceteris paribus. e. scarcity.
Fred has lost his factory job, replaced by welding robots, and soon plans to go to technical school to learn computer repair because he cannot find a similar job to the one he lost. The type of unemployment facing Fred is: a. frictional. b. structural. c. cyclical
d. natural.
The principal difference between conventional accounting and economic analysis of inflation is that
a. accountants adjust nominal values for inflation. b. accountants adjust real values for inflation. c. economists adjust nominal values for inflation. d. economists adjust real values for inflation.