The F statistic is also referred to as the score statistic.
Answer the following statement true (T) or false (F)
False
Rationale: FEEDBACK: The LM statistic is also referred to as the score statistic.
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The governor has proposed to clean up all trash on the side of the highway. The project is estimated to cost the tax payers and additional $15,000. The city will benefit by having a clean highway which will entice tourists to stop along their routes. The project is estimated to bring in $18,000 of revenue from the highway being cleaned. Should the governor continue with the project?
A. Yes, the tax payers wanted the highway cleaned up. B. Yes, the project will bring in $3,000 more in MB than MC. C. No, the benefit from the project will only be $3000. D. No, the project will not bring in enough benefit to cover the costs.
Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $17.50 what is the firm's profit-maximizing output?
A) 2 tattoos per hour B) 3 tattoos per hour C) 4 tattoos per hour D) 5 tattoos per hour
The first example of comparative advantage appeared in a book that was published in 1817. This example showed that mutually beneficial trade between two countries (England and Portugal) was possible
The example assumed that two goods (wine and cloth) could be produced by both countries. Which of the following describes the conclusion of this example? A) England had an absolute advantage in both wine and cloth, but a comparative advantage in wine. B) Portugal had a comparative advantage in both wine and cloth, but its advantage in cloth was greater. C) Portugal had a comparative advantage in wine and England had a comparative advantage in cloth. D) England had a comparative advantage in both wine and cloth, but its advantage in cloth was greater.
Which of the following best describes the invisible-hand concept?
A. The desires of resource suppliers and producers to further their own self-interest will automatically further the public interest. B. The nonsubstitutability of resources creates a conflict between private and public interests and calls for government intervention. C. The market system is the best system for overcoming the scarce resources-unlimited wants problem. D. Central direction by the government will improve resource allocation in a capitalistic economy.