The outcome of any free market is ultimately ________ because some people become very rich while others remain very poor.
A. efficient
B. equitable
C. inequitable
D. market failure
Answer: C
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In the Fixed Time Effects regression model, you should exclude one of the binary variables for the time periods when an intercept is present in the equation
A) because the first time period must always excluded from your data set. B) because there are already too many coefficients to estimate. C) to avoid perfect multicollinearity. D) to allow for some changes between time periods to take place.
Refer to Figure f. A benefit function is plotted in Figure f. The distance C represents the:
A. risk premium of the consumption bundle.
B. expected utility of the consumption bundle.
C. certainty equivalent of the consumption bundle.
D. expected consumption.
The purchase price of capital is
a. the value of the capital to the firm. b. always less than the rental price. c. the price received from the flow of some capital services. d. the price a person pays to own that factor of production indefinitely.
Suppose that you are attending a sporting event. Give an example of two nondurable goods, two durable goods, and two services you might encounter during this experience.
What will be an ideal response?