Which of the following correctly identifies a difference between cross-sectional data and time series data?
A. Cross-sectional data is based on temporal ordering, whereas time series data is not.
B. Time series data is based on temporal ordering, whereas cross-sectional data is not.
C. Cross-sectional data consists of only qualitative variables, whereas time series data consists of only quantitative variables.
D. Time series data consists of only qualitative variables, whereas cross-sectional data does not include qualitative variables.
Answer: B
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Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. What is the opportunity cost to Cathy of making a cake?
A. 1 pie. B. 1.5 pies. C. 2/3 of a pie. D. 1.33 pies.
An externality can be a
A) cost or a benefit. B) benefit but not a cost. C) cost but not a benefit. D) marginal cost but not a total cost.
According to the "beachhead effect," in order to undo the effects of a strong-dollar period, the real value of the dollar
A) must fall to at least half of its value before appreciation of the dollar began. B) must fall to the value it had before appreciation of the dollar began. C) must fall to a much lower level than it had before appreciation of the dollar began. D) must actually appreciate before it depreciates to undo the effects of a strong-dollar period.
Which of the following is an example of a one-time investment made by a seller to reduce the transaction cost on all units of output?
a. Providing customers a wide range of products b. Hiring a distribution agency c. Merging with its rival brand d. Creating a brand name which signals quality