The general approach to obtaining fully robust standard errors and test statistics in the context of panel data is known as _____.
A. confounding
B. differencing
C. clustering
D. attenuating
Answer: C
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Referring to a production possibilities curve and the goods being compared, depict the economic event. Suppose the United States was at full employment in 2003 just before invading Iraq. Although the war was won quickly, winning the peace took a decade (guns vs. butter).
A. A movement from a point on or near the curve to a point inside the curve B. A shift in the entire curve to the right (outward) C. A shift in the entire curve to the left (inward) D. A movement along the curve
Profits
A) are a cost of doing business because they are payments to others. B) are not a cost of doing business because they are owed to resource owners. C) are not a cost of doing business because they are often zero or negative. D) are a cost of doing business because entrepreneurs would not incur the risk of starting a business if they didn't expect to earn profits.
The opportunity costs of labor is largely determined by
A) demand. B) supply. C) need. D) greed.
In a market economy, which of the following would most likely cause a prolonged grain surplus?
a. a decrease in the demand for grain b. an increase in the supply of grain c. imposition of a price floor above the equilibrium price of grain d. imposition of a price ceiling below the equilibrium price of grain