(Requires Calculus) In the multiple regression model you estimate the effect on Yi of a unit change in one of the Xi while holding all other regressors constant. This
A) makes little sense, because in the real world all other variables change.
B) corresponds to the economic principle of mutatis mutandis.
C) leaves the formula for the coefficient in the single explanatory variable case unaffected.
D) corresponds to taking a partial derivative in mathematics.
Answer: D
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As Sean's consumption of rice goes up, his
A) average utility from consuming rice increases. B) total utility from consuming rice increases. C) marginal utility from consuming rice increases. D) elasticity of utility from consuming rice increases.
If firms in a competitive market are ________ then there is ________ for firms to ________ the industry
A) incurring economic losses; an incentive; exit B) incurring economic losses; no incentive; exit C) making economic profits; no incentive; enter D) making zero economic profit; an incentive; exit
Fundamentally, to reap the benefits of specialization, an economy must
A) be heavily industrial. B) be heavily agricultural. C) have an extensive system of higher education. D) develop ways for individuals to trade goods with one another.
Which of the following is an example of a positive statement?
A) It is too hot to go jogging.
B) Ceteris paribus, a teacher should award a higher grade if you study more hours for an economics test.
C) When the price of an item increases, people respond by reducing their consumption of the item.
D) The government should balance the budget.