In his article Straight Talk About Economic Literacy, economist _______________________ said, "Citizens can vote even if they have no idea what they are doing. If enough voters fit that description, democratic governments are bound to make foolish decisions."
A) Milton Friedman
B) James Buchanan
C) Bryan Caplan
D) John Maynard Keynes
C
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Which of the following is the last step in the model-building process?
a. Develop a model based on simplified assumptions. b. Collect data and test the model. c. Identify the problem. d. Formulate an assumption.
Refer to Table 2-11. What is South Korea's opportunity cost of producing one pound of wheat?
A) 60 digital cameras B) 20 digital cameras C) 5 digital cameras D) 0.05 units of a digital camera
Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is $2 million, government purchases are $10 million, and net export spending is $2 million. What is aggregate expenditure?
A) $15 million B) $23 million C) $25 million D) $27 million
Multiperiod forecasting with multiple predictors
A) is the same as the iterated AR forecast method. B) can use the iterated VAR forecast method. C) will yield superior results when using the multiperiod regression forecast h periods into the future based on p lags of each Yt , rather than the iterated VAR forecast method. D) will always yield superior results using the iterated VAR since it takes all equations into account.