A constant-elasticity demand function can be obtained by:
A) taking the logarithm of the dependent variable only.
B) taking the logarithm of the independent variable(s) only.
C) taking the logarithm of the dependent and independent variable(s).
D) taking the reciprocal of the dependent variable(s).
C
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An implication of the long-run aggregate supply curve is that continuous increases in the money supply will result in continuous
A) increases in price level. B) increases in output and price level. C) decreases in output and price level. D) decreases in output.
Suppose a successful advertising campaign increases the demand for Nike shoes. Which would tend to occur?
A) The demand curve for Nikes would shift to the right. B) The quantity supplied of Nikes would increase. C) The price of Nikes would rise. D) All of the above.
Life insurance companies, because of the __________-term nature of their liabilities, prefer to hold __________-term assets
A) long; long B) long; short C) short; long D) short; short
In the case of the simple regression model Yi = ?0 + ?1Xi + ui, i = 1, …, n, when X and u are correlated, then
A) the OLS estimator is biased in small samples only. B) OLS and TSLS produce the same estimate. C) X is exogenous. D) the OLS estimator is inconsistent.