Time series regression is based on series which exhibit serial correlation.
Answer the following statement true (T) or false (F)
False
Rationale: FEEDBACK: One of the assumptions of time series regression is that there should be no serial correlation in the concerned series.
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How are the roles of the household different in the goods market and in the factor markets?
What will be an ideal response?
A common mistake made by consumers is the failure to take into account the monetary costs of their actions
Indicate whether the statement is true or false
In the United States the differential between union and non-union wages
A) does not exist. B) currently averages about 50-60 percent. C) has been narrowing. D) tends to fall during a recession because union members typically have shorter-term contracts than do nonunion employees.
Under the conditions of monopolistic competition, if a firm is earning economic profits in the short run:
A. prices are higher in the long run than in the short run. B. firm profits are higher in the long run than in the short run. C. average costs of production are higher in the long run than in the short run. D. long-run economic profits are positive.