The generalized least square (GLS) is an efficient procedure that weights each squared residual by the:?
A. ?conditional variance of ui given xi.
B. ?expected value of ui given xi.
C. ?inverse of the conditional variance of ui given xi.
D. ?square root of the inverse of the conditional variance of ui given xi.
Answer: C
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Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. produce only calculators; split his time between computers and calculators B. produce only calculators; produce only computers C. produce only computers; produce only calculators D. split his time between computers and calculators; produce only calculators
An increase in demand occurs when
A) we measure price in money price rather than real price. B) we move up the demand curve. C) the demand curve shifts to the right. D) the demand curve shifts to the left.
If the demand for product X is inelastic, a 4% increase in the price of X will ________ the quantity demanded of X by ________ than 4%.
A. decrease; less B. increase; less C. decrease; more D. increase; more
The above table gives some cost data for Peter's Pickles. Peter's fixed cost is $20. Average variable cost (AVC) is lowest when output is equal to
A) 1 barrel of pickles. B) 2 barrels of pickles. C) 3 barrels of pickles. D) 4 barrels of pickles.