Which of the following did not result in economic growth?
a. Installing a network of irrigation ditches and pumping stations in order to grow fruits and vegetables in parts of southern California
b. Cyrus McCormack inventing a threshing machine for harvesting grains
c. After World War II, the U.S. instituting the GI bill, which provided education subsidies to soldiers being released from service duty
d. Many citizens emigrating from a nation when a politically repressive regime takes office
d
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Interest rates increased continuously during the 1970s. The most likely explanation is
A) banking failures that reduced the money supply. B) a rise in the level of income. C) the repeated bouts of recession and expansion. D) increasing expected rates of inflation.
E(ui Xi) = 0 says that
A) dividing the error by the explanatory variable results in a zero (on average). B) the sample regression function residuals are unrelated to the explanatory variable. C) the sample mean of the Xs is much larger than the sample mean of the errors. D) the conditional distribution of the error given the explanatory variable has a zero mean.
If insurance companies knew how risk-averse their customers were:
A. adverse selection would not occur. B. diversification would not occur. C. policies would be perfectly diversified, resulting in lower premiums for everyone. D. risk pooling would not occur.
Oligopolistic industries consist of
a. a few independent firms b. a few interdependent firms c. many interdependent firms d. many independent firms e. a small monopoly