Which of the following is a method which can be used for estimation in simultaneous equations models?
A. Feasible generalized least squares estimation
B. Prais-Winsten transformation
C. Cochrane-Orcutt transformation
D. Two stage least squares estimation
Answer: D
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When a government taxes the sale of beer, cooperative surplus ________ and society gets ________
A) increases; richer B) increases; poorer C) decreases; richer D) decreases; poorer
Market exchange assumes that _____
a. there are no monopolies b. prisoner dilemmas are nonexistent c. parties to the exchange have well-defined property rights d. the public sector is failing its job
The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production. B. profit margin. C. mark up. D. value of the final product.
Which of the following illustrates the store-of-value function of money?
A) writing a check to buy a new Volkswagen B) noting that the price of a $20,000 Volkswagen is 16,000 euros C) agreeing to repay a bank $400 a month for the next 48 months for a loan to buy a new Volkswagen D) keeping $20,000 in cash in your mattress instead of buying a new Volkswagen