Which of the following tests helps in the detection of heteroskedasticity?
A. The Breusch-Pagan test
B. The Breusch-Godfrey test
C. The Durbin-Watson test
D. The Chow test
Answer: A
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When plotted with the aggregate price level on the vertical axis and output on the horizontal axis, the aggregate demand curve
A) slopes upward. B) slopes downward. C) is vertical. D) is horizontal.
Which of the following is incorrect? During the Great Recession U.S:
a. Wealth fell. b. Unemployment duration rose. c. Monetary base fell. d. Inflation fell. e. All of the above are correct.
If demand is represented as Qd = 18 - 6P and supply is represented as Qs = 3 + 9P, the equilibrium quantity is
A. 1. B. 4. C. 7. D. 12.
Economists claim that measuring society's welfare as CS + PS
A) is inappropriate since ultimately everyone is a consumer. B) is valid only when the same person could be either a consumer or a producer. C) treats the gains to consumers and producers equally. D) is not commonly accepted.