A nation that is a net borrower each year over time will become a ________ nation. A nation that is a net lender each year over time will become a ________ nation
Since the early 1980s, the United States has been a ________ due to the current account ________.
A) creditor; debtor; net lender; surpluses
B) creditor; debtor; net borrower; deficits
C) debtor; creditor; net borrower; deficits
D) creditor; debtor; net lender; deficits
E) debtor; creditor; net lender; surpluses
C
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The reduction in the market output resulting from the imposition of a price floor depends on both the price elasticity of demand and the price elasticity of supply.
Answer the following statement true (T) or false (F)
A repeated cross-sectional data set
A) is also referred to as panel data. B) is a collection of cross-sectional data sets, where each cross-sectional data set corresponds to a different time period. C) samples identical entities at least twice. D) is typically used for estimating the following regression model Yit = ?0 + ?1Xit + ?2W1,it + ... + ?1+ rWr,it + uit
Monopolies can earn positive profits
a. In the long run only b. Until they disappear due to new entry c. In the short run only d. None of the above
An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to assemble a scholarly answer, the professor should take which steps? a. Develop a hypothesis, test the proposition by engaging in empirical analysis, and examine the data to see if it fits with the facts. b. Gather data on crude oil prices and
seemingly unrelated variables in order to look for associations, then formulate a hypothesis based on those unexpected associations. c. Ask people in Alaska why they are not purchasing oil. d. None of the above. The oil industry is controlled by a cartel; therefore price changes in the industry cannot be explained using economic theories.