If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2018, we would say that in 2018, the average American could buy ________ times as many goods and services as the average American in 1950
A) 1/8
B) 4
C) 8
D) 12
Answer: C
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An estimator of ? is said to be linear if
A) it can be estimated by least squares. B) it is a linear function of Y1,…, Yn . C) there are homoskedasticity-only errors. D) it is a linear function of X1,…, Xn .
According to a recent five-year survey of U.S. business ownership, the number of black-owned businesses rose
a. 45 percent b. 450 percent c. 90 percent d. 25 percent e. 4.5 percent
It is true that the distribution process carried out by the price system
A. accomplishes the task more efficiently than central planners would. B. favors the rich. C. is superior to other rationing mechanisms because it is able to pay attention to individual consumer preferences. D. All of these responses are true.
If the government wants a natural monopoly to earn a "fair return" or zero economic profit, it will set
a. price equal to marginal cost. b. price equal to average total cost. c. price equal to average revenue. d. marginal cost equal to marginal revenue. e. marginal cost equal to average total cost.