Which of the following industries was not among the 10 leading industries in 1860?
a. boots and shoes
b. printing and publishing
c. machinery
d. lumber
b. printing and publishing
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When firms accuse competitors of predatory pricing, they almost always use as evidence
A) arbitrarily allocated joint costs. B) the disappearance of competitors. C) the profits of their competitors. D) their own losses. E) the gap between price and marginal cost.
An advantage of a flexible exchange rate system relative to a fixed system is that in a flexible rate system
a. currency speculation will be reduced. b. balance of payments surpluses and deficits can be dealt with using fiscal policy, not monetary policy. c. inflation will be minimized by the "discipline of the balance of payments." d. the price of imported goods will be kept relatively low. e. none of the above.
The relative price of a textbook is
A) the money price of the textbook divided by the money price of some other good. B) the price of the textbook compared with what students think it should cost. C) the amount it cost to make the textbook. D) what the author earned for writing the textbook.
Ordinary least squares estimation is subject to heterogeneity bias if _____.
A. the regression model exhibits heteroskedasticty B. the unobserved effect is correlated with the observed explanatory variables C. the regression model includes a lagged dependent variable D. the explanatory variables do not change over time