In a market system, incomes are distributed according to the:
a. principle of equality.
b. directions of a central authority.
c. needs of the people.
d. ownership of resources.
e. objectives of a planning commission.
d
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Average revenue equals the change in total revenue divided by the change in the quantity of output produced
a. True b. False
When the error variance differs across the two groups, we can obtain a heteroskedasticity-robust Chow test by including a dummy variable distinguishing the two groups along with interactions between that dummy variable and all other explanatory variables.?
Answer the following statement true (T) or false (F)
When the required reserve ratio is lowered,
A. increases, and the amount of excess reserves increases in the banking system. B. decreases, and the amount of excess reserves increases in the banking system. C. decreases, and the amount of excess reserves decreases in the banking system. D. increases, and the amount of excess reserves decreases in the banking system.
The payment for a factor of production that is completely inelastic in supply is
A. discounting. B. economic rent. C. opportunity cost. D. limited liability.