One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends.
b. how markets overcome scarcity.
c. one goal and three tasks.
d. how to use limited means to meet unlimited wants.
e. wants versus needs.
d
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Explain why growth is not necessarily synonymous with development
What will be an ideal response?
Estimation of the IV regression model
A) requires exact identification. B) allows only one endogenous regressor, which is typically correlated with the error term. C) requires exact identification or overidentification. D) is only possible if the number of instruments is the same as the number of regressors.
An exchange rate depreciation acts to reduce inflation
a. True b. False Indicate whether the statement is true or false
In general, price controls have a:
A. smaller effect in the short run because demand and supply become less elastic over time. B. smaller effect in the long run since demand and supply become less elastic over time. C. larger effect in the short run since demand and supply become more elastic over time. D. larger effect in the long run because demand and supply become more elastic over time.