(Requires Appendix material) The following are examples of limited dependent variables, with the exception of
A) binary dependent variable.
B) log-log specification.
C) truncated regression model.
D) discrete choice model.
Ans: B) log-log specification.
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The following changes in a consumer's economic circumstances result in a steeper budget line with the vertical intercept unchanged. (Denote the good on the horizontal as good 1 and the good on the vertical as good 2.)
A. A k percent decrease in the price of good 2 combined with a k percent decrease in income B. A k percent increase in the price of good 2 combined with a k percent decrease in income C. A k percent decrease in the price of good 2 combined with a k percent increase in income D. A k percent increase in the price of good 2 combined with a k percent increase in income. E. None of the above
An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue
A) variable B) model C) market D) trade-off
A difficulty with effective fiscal policy is the:
A. reality of time lags. B. guess as to what potential GDP is. C. lack of relevant information needed to decide the magnitude of change. D. All of these are true.
An increase in investment combined with a decrease in education would have an indeterminate effect on both short run and long run aggregate supply
a. True b. False Indicate whether the statement is true or false