During the recession phase of the business cycle, production, employment, and income ___________
Fill in the blank(s) with the appropriate word(s).
Answer: decrease
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Economists consider the economy to be at "full employment" when there is no cyclical unemployment
Indicate whether the statement is true or false
Under the least squares assumptions for the multiple regression problem (zero conditional mean for the error term, all Xi and Yi being i.i.d., all Xi and ui having finite fourth moments,
no perfect multicollinearity), the OLS estimators for the slopes and intercept A) have an exact normal distribution for n > 25. B) are BLUE. C) have a normal distribution in small samples as long as the errors are homoskedastic. D) are unbiased and consistent.
An increase in U.S. income that increases American demand for all normal goods (including imports from Britain) will shift
a. the U.S. demand curve for foreign exchange to the right, causing an increase in the dollar-per-pound exchange rate b. the U.S. demand curve for foreign exchange to the left, causing a decrease in the dollar-per-pound exchange rate c. the U.S. supply curve for foreign exchange to the right, causing a decrease in the dollar-per-pound exchange rate d. the U.S. supply curve for foreign exchange to the left, causing an increase in the dollar-per-pound exchange rate e. neither the U.S. demand curve for foreign exchange nor the U.S. supply curve for foreign exchange
Historical note: Because of its military importance, the U.S. government exercised monopoly control over which one of the following goods before World War II?
a. iron b. steel c. helium d. hydrogen e. coal