In the simple linear regression model Yi = ?0 + ?1Xi + ui,
A) the intercept is typically small and unimportant.
B) ?0 + ?1Xi represents the population regression function.
C) the absolute value of the slope is typically between 0 and 1.
D) ?0 + ?1Xi represents the sample regression function.
Answer: B) ?0 + ?1Xi represents the population regression function.
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In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost, the firm is
A) making an economic profit. B) incurring an economic loss. C) making zero economic profit. D) definitely not maximizing its profit. E) None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm's profit or loss.
In 2014, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. Suppose the effect on the sellers was larger than the effect on the buyers
Consequently, in the current market for peanut butter there is a ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) rise; an increase B) rise; a decrease C) fall; a decrease D) fall; an increase
Nonactivists of the policies believe that
A) wages and prices are very flexible. B) the self-correcting mechanism is very rapid. C) government action is unnecessary. D) all of the above.
How does the goods market return to equilibrium if AE is less than production?
What will be an ideal response?