Which of the following is a test for serial correlation in the error terms?
A. Johansen test
B. Dickey Fuller test
C. Durbin Watson test
D. White test
Answer: C
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? Assume that Figure 4-4 shows demand for steak. An increase in income of buyers will change demand from
A. D1to D2. B. D2to D1. C. D3to D2. D. D3to D1.
A recent breakthrough in the field of genetics will allow scientists to insert into banana trees a human gene that protects against deadly childhood diseases. This is an important breakthrough for some less-developed countries because they cannot afford the traditional vaccines for these diseases. What effect might this breakthrough have on these countries' aggregate supply curves?
The substitution effect shows that when the wage rate increases
a. an additional hour of labor is not worth pursuing. b. an additional hour of leisure is now less costly in terms of foregone consumption. c. an additional hour of leisure is now more expensive in terms of foregone consumption. d. there will be intertemporal substitution.
When the interest rate is low, planned investment is ________ so output is ________.
A. high; low B. high; high C. low; high D. low; low