The AR(p) model
A) is defined as Yt = ?0 + ?pYt-p + ut.
B) represents Yt as a linear function of p of its lagged values.
C) can be represented as follows: Yt = ?0 + ?1Xt + ?pYt-p + ut.
D) can be written as Yt = ?0 + ?1Yt-1 + ut-p.
Ans: B) represents Yt as a linear function of p of its lagged values.
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A game-theory explanation of the paradox that even though all countries would benefit if each chose free trade, in fact each tends to follow protectionist policies is
A) trade war. B) collective action. C) prisoner's dilemma. D) benefit-cost analysis. E) rent seeking.
Answer the following statements true (T) or false (F)
1. Share draft accounts at credit unions are a type of transaction account. 2. Reserve requirements on non personal time deposits cannot exceed 9 percent. 3. It is possible for the economy to still experience an increase in the money supply when the Fed increases the reserve requirement. 4. Interest rate ceilings were phased out by the Depository Institutions Deregulation and Monetary Control Act of 1980. 5. The Federal Reserve today no longer has control over stock market margins requirements.
What condition has been reached when buyers will purchase exactly as much as sellers are willing to sell?
a. supply and demand b. excess demand c. equilibrium d. price floor
When economists say the quantity supplied of a product has decreased, they mean the:
A. supply curve has shifted to the left. B. supply curve has shifted to the right. C. price of the product has risen, and consequently, suppliers are producing more of it. D. price of the product has fallen, and consequently, suppliers are producing less of it.