Consider estimating the effect of the beer tax on the fatality rate, using time and state fixed effect for the Northeast Region of the United States (Maine, Vermont, New Hampshire, Massachusetts, Connecticut and Rhode Island) for the period 1991-2001
If Beer Tax was the only explanatory variable, how many coefficients would you need to estimate, excluding the constant?
A) 18
B) 17
C) 7
D) 11
Answer: B
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The difference between accounting profit and economic profit relates to
a. the manner in which revenues are defined b. how total revenue is calculated c. the market structure for the firm's industry d. the price of the good in the market e. the manner in which costs are defined
If the interest rate is zero, a promise to receive a $100 payment one year from now is:
A. more valuable than receiving $100 today. B. equal in value to receiving $101 today. C. equal in value to receiving $100 today. D. less valuable than receiving $100 today.
If a household earning $50,000 annually pays $10,000 in taxes while a household earning $100,000 annually pays $15,000 in taxes, then the tax system is
A. reducing income inequality. B. discriminatory. C. regressive. D. progressive.
For economies of scale, a(n) ________ in a firm's scale of production leads to ________ average total cost.
A. decrease; no change in B. decrease; lower C. increase; lower D. increase; higher