An economy that contains both perfect and imperfect competition and both regulated and non regulated industries is known as a
a. traditional economy.
b. mixed economy.
c. market economy.
d. conglomerate economy.
b. mixed economy.
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
To test joint linear hypotheses in the multiple regression model, you need to
A) compare the sums of squared residuals from the restricted and unrestricted model. B) use the heteroskedasticity-robust F-statistic. C) use several t-statistics and perform tests using the standard normal distribution. D) compare the adjusted R2 for the model which imposes the restrictions, and the unrestricted model.
A variable factor of production:
A. plays no role in the law of diminishing marginal returns. B. is variable only in the short run. C. is fixed in the long run but variable in the short run. D. is variable in both the short run and the long run.
Using the above table, the employment rate is
A. 69.1 percent. B. 65.6 percent. C. 48.5 percent. D. 95.0 percent.