Which of the following tests can be used to test hypotheses with multiple restrictions under a Tobit model?
A. White test
B. Wald test
C. Dickey Fuller test
D. Durbin Watson test
Answer: B
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Institutional reversal refers to the fact that:
A) the same institutions that were highly inclusive in the year 1500 slowly changed into extractive institutions as a result of modernization. B) Europeans established more extractive institutions in places that were previously more developed, and set up more inclusive institutions that were previously less developed. C) Europeans established more extractive institutions in places that were previously less developed, and set up more inclusive institutions that were previously more developed. D) the same institutions that were highly extractive in the year 1500 slowly changed into inclusive institutions as a result of modernization.
Answer the following statements true (T) or false (F)
1. A decrease in investment can cause a decrease in the price level without affecting total output. 2. The level of total output and the price level can be affected by changes in consumption. 3. Total output and the price level may decline simultaneously. 4. If inventories are accumulating, income must be greater than spending. 5. A situation where exports exceed imports can cause total output to increase.
In a market system, the what, how and for whom questions in economics are determined by
A. buyers and sellers together. B. the central authority. C. those who are not in the market. D. no one.
Answer the following questions true (T) or false (F)
1. A monopolist currently sells 18 units of a good. If marginal revenue on the last unit sold is $117, then the price of the good must be less than $117. 2. If a per-unit tax on output sold is imposed on a monopoly's product, the monopolist will increase its market price by the full amount of the tax. 3. Suppose a monopoly is producing its profit-maximizing output level. Now suppose the government imposes a lump-sum tax on the monopoly, independent of its output. As a result the monopoly's profit will fall.