In February of 2015, there were 157 million people in the labor force, 8.6 million of whom were unemployed. The unemployment rate in February 2015 was:
A. 5.8%.
B. 6.4%.
C. 8.6%.
D. 5.5%.
Answer: D. 5.5%.
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In practice, the most difficult aspect of feasible WLS estimation is
A) knowing the functional form of the conditional variance. B) applying the WLS rather than the OLS formula. C) finding an econometric package that actually calculates WLS. D) applying WLS when you have a log-log functional form.
Which of the following is most likely to happen to open-access wildlife resources?
a. They will be used efficiently. b. They will not be used at all. c. It will be unprofitable to use them. d. They will be used but will generate no profit. e. They will become extinct.
Refer to the graph shown depicting a perfectly competitive firm. If average variable cost is $3 at quantity 450, points A through E represent the:
A. demand for the firm's product. B. firm's supply curve. C. firm's total revenue curve. D. firm's total cost curve.
In the long run, the representative firm in monopolistic competition tends to have:
A. Excess capacity B. Economic profits C. No product differentiation D. A perfectly elastic demand curve