Which of the following is true?

A. In ordinary least squares estimation, each observation is given a different weight.
B. In weighted least squares estimation, each observation is given an identical weight.
C. In weighted least squares estimation, less weight is given to observations with a higher error variance.
D. In ordinary least squares estimation, less weight is given to observations with a lower error variance.


Answer: C

Economics

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Karl Marx believed the central figures in an industrial economy were the

A. labor union leaders. B. heads of the ruling political party. C. capitalists. D. stock market speculators.

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If the units of variable input in a production process are 1, 2, 3, 4, and 5, and the corresponding total outputs are 30, 34, 37, 39, and 40, respectively. The marginal product of the fourth unit is:

a. 1. b. 37. c. 2. d. 39.

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Price ceilings set below the equilibrium create:

A. externalities. B. unemployment. C. shortages. D. surpluses.

Economics