New growth theory proposes that real GDP per person grows because of ________ and that growth ________
A) the pursuit of profit; can persist indefinitely
B) productivity shocks; can persist indefinitely
C) technological change; can only increase above the subsistence level temporarily
D) productivity shocks; occurs randomly
A
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The Gauss-Markov theorem for multiple regression states that the OLS estimator
A) has the smallest variance possible for any linear estimator. B) is BLUE if the Gauss-Markov conditions for multiple regression hold. C) is identical to the maximum likelihood estimator. D) is the most commonly used estimator.
What is the least accurate description of movements in real wages between 1800-1860?
a. U.S. wages grew relative to those of England. b. The wages of females increased relative to those of males. c. The wages of skilled laborers increased faster than those of unskilled laborers. d. The U.S. became more unequal in terms of income.
The demand for a cup of coffee is ______________ than is the demand for a dinner at a fancy restaurant because _________________.
A. more price elastic; a cup of coffee requires a smaller portion of one's income. B. less price elastic; a cup of coffee requires a smaller portion of one's income. C. less price elastic; a cup of coffee is more of a luxury. D. more price elastic; a cup of coffee is more of a luxury.
A shoe producing firm decides to acquire a firm that produces shoe laces. This implies that
a. The firm's aggregate demand will be less elastic than the individual demand b. The firm's aggregate demand will be more elastic than the individual demand c. The firm's aggregate demand will be of the same elasticity as the individual demand d. None of the above