compared to a barter economy, money of stable and predicable value will
What will be an ideal response?
reduce transaction costs and increase the volume of trade
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Whenever a buyer and a seller agree to trade
A) they must have identical opportunity costs in producing their respective products. B) the agreement is made based on absolute advantage. C) one party will always be worse off. D) both must believe they will be made better off.
The marginal product of the fourth gizmo worker hired is
A) 1. B) 3. C) 5. D) 10.
Fiscal policy is a change in either government purchases or the money supply designed to change total spending in the economy, thereby influencing the levels of employment and output
a. True b. False
If 
j is an OLS estimator of a regression coefficient associated with one of the explanatory variables, such that j = 1, 2, …., n, asymptotic standard error of 
j will refer to the:
A. estimated variance of 
j when the error term is normally distributed.
B. estimated variance of a given coefficient when the error term is not normally distributed.
C. square root of the estimated variance of 
j when the error term is normally distributed.
D. square root of the estimated variance of 
j when the error term is not normally distributed.