Wage-related rents are derived in the same way that land rents are derived
Indicate whether the statement is true or false
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You have to worry about perfect multicollinearity in the multiple regression model because
A) many economic variables are perfectly correlated. B) the OLS estimator is no longer BLUE. C) the OLS estimator cannot be computed in this situation. D) in real life, economic variables change together all the time.
Appropriate fiscal policy in the U.S. in 2009 would attempt to
a. increase taxes. b. decrease aggregate supply. c. increase aggregate demand. d. decrease aggregate demand.
Suppose a professor gives up her teaching job to devote her time to writing textbooks. If salaries of professors rise,
a. her accounting profit will rise. b. her accounting profit will fall. c. her explicit costs will rise. d. her economic profit from textbooks will fall. e. her economic profit from textbooks will rise.
Capital income in the U.S. equals approximately ________ of GDP.
A. 75 percent B. 10 percent C. 25 percent D. 50 percent