The cost of an action is measured in terms of foregone opportunities
a. True
b. False
Indicate whether the statement is true or false
True
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The benefits of international trade are derived from trade in
A) tangible goods only. B) intangible goods only. C) goods but not services. D) services but not goods. E) anything of value.
Which is NOT true about the use of economic models?
A) Economic models are simplified representations of the real world. B) Economists always use experiments in science laboratories to test their theories. C) Economists use what has already happened in the real world to test their theories. D) Economists are employed to explain economic phenomena but are never used to predict what might happen next.
Sample selection bias
A) occurs when a selection process influences the availability of data and that process is related to the dependent variable. B) is only important for finite sample results. C) results in the OLS estimator being biased, although it is still consistent. D) is more important for nonlinear least squares estimation than for OLS.
Is innovation within existing firms important? Explain and give examples
What will be an ideal response?