Real GDP in the country of Oz is growing at 5 percent and its population is growing at 2 percent. In the country of Lilliput, real GDP is growing at 4 percent and its population is growing at 0.5 percent. Thus,
A) real GDP per person in Oz is growing at a faster rate than in Lilliput.
B) real GDP per person in Lilliput is growing at a faster rate than in Oz.
C) real GDP per person in Lilliput is growing at the same rate as in Oz.
D) real GDP per person in Lilliput is growing at a rate that is not comparable to that in Oz.
E) We need more information to determine if real GDP per person in Lilliput is growing faster or slower than real GDP per person in Oz.
B
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Which of the following explains the increase in income inequality since 1980?
A) A widening gap between the wages of skilled and extensively-educated workers and the wages of those with fewer skills and less education B) A rise in the number of single-parent families at low income levels and a rise in two-parent two-earner families at higher income levels C) An increase in the supply of less-skilled workers combined with an increase in demand for more highly-skilled workers D) All of the above.
The figure above shows Tanya's consumption possibilities when the price of a restaurant meal is $20. If the price of a restaurant meal falls to $10 and Tanya buys 12 movie tickets, how many restaurant meals can she buy?
A) 2 B) 3 C) 4 D) 5
Union shops never face competition from substitute labor.
Answer the following statement true (T) or false (F)
What should be the degrees of freedom (df) for fixed effects estimation if the data set includes ‘N' cross sectional units over ‘T' time periods and the regression model has ‘k' independent variables?
A. N-kT B. NT-k C. NT-N-k D. N-T-k