Which of the following statements is true under the Gauss-Markov assumptions?
A. Among a certain class of estimators, OLS estimators are best linear unbiased, but are asymptotically inefficient.
B. Among a certain class of estimators, OLS estimators are biased but asymptotically efficient.
C. Among a certain class of estimators, OLS estimators are best linear unbiased and asymptotically efficient.
D. The LM test is independent of the Gauss-Markov assumptions.
Answer: C
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_________________ means that each unit of saved time is more valuable than the last unit
a. Acceleration effect b. Assimilation c. Separation d. Acculturation
If something is a medium of exchange, then it:
a. serves as a yardstick for measuring the value of other goods. b. is a means of holding wealth for the future. c. has an absolute value in gold. d. is widely accepted as payment for purchases.
As network externalities broaden the use of a product, the:
A. need for a single standard becomes less important, so many different standards are likely to coexist. B. need for a single standard becomes more important and eventually one standard wins out. C. incentive to replace that product with something new grows stronger. D. benefits of that product to everyone are diminished.
Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?
a. Why do prices in general rise by more in some countries than in others?
b. Why do wages differ across industries?
c. Why do national production and income increase in some periods and not in others?
d. How rapidly is GDP currently increasing?