Many people perceive erroneously that most macroeconomists spend a lot of time engaged in
A) forecasting.
B) macroeconomic research.
C) macroeconomic analysis.
D) data development.
A
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When the amount of output is such that marginal social benefit exceeds marginal social cost, then to reach the efficient quantity
A) production should be increased. B) production should be decreased. C) production should remain constant. D) More information is needed to determine if production should be increased, decreased, or not changed.
Describe the three pillars of productivity growth.
What will be an ideal response?
What will you conclude about a regression model if the Breusch-Pagan test results in a small p-value?
A. The model contains homoskedasticty. B. The model contains heteroskedasticty. C. The model contains dummy variables. D. The model omits some important explanatory factors.
Why doesn't the minimum job proposal offer jobs commensurate with people's skills and education?
A. These people can find such jobs in the marketplace because their skills are valued, making them in high demand. B. These people are holding out for a job in the marketplace. Providing them with jobs wouldn't be offering a minimum job, which is the program's objective. C. The monitoring costs of such a job would be too high, because people will claim to have high skills when they really don't. D. The proposal doesn't believe these people provide more productive skills that other workers.