The U.S. Congress first instituted a minimum wage in
a. 1776.
b. 1812.
c. 1938.
d. 1975.
c
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Which of the following statement or statements are correct about potential GDP?
i. Actual real GDP equals potential GDP when the economy is at full employment. ii. Real GDP can be less than potential GDP. iii. When real GDP equals potential GDP, it also equals nominal GDP. A) i only B) ii only C) ii and iii D) i and ii E) i, ii, and iii
A common resource is used efficiently if
A) the output is maximized. B) marginal social benefit equals marginal social cost. C) marginal private benefit equals marginal private cost. D) marginal social benefit is maximized.
Which well-known economist from the past asserted that "the power of population is infinitely greater than the power in the earth to produce subsistence for man?"
Consider the following regression model: yi= 
0+ 1xi + ui. If the first four Gauss-Markov assumptions hold true, and the error term contains heteroskedasticity, then _____.
A. Var(ui|xi) = 0
B. Var(ui|xi) = 1
C. Var(ui|xi) = 
i2
D. Var(ui|xi) = 