The most fundamental concepts underlying the discipline of economics are:
a. scarcity and choice. b. supply and demand.
c. money, stocks, and bonds. d. inflation and unemployment.
a
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Government savings, , is equal to
A) T - G. B) T + G. C) T = G. D) T + G - I. E) T - G = I.
The Augmented Dickey Fuller (ADF) t-statistic
A) has a normal distribution in large samples. B) has the identical distribution whether or not a trend is included or not. C) is a two-sided test. D) is an extension of the Dickey-Fuller test when the underlying model is AR(p) rather than AR(1).
Over the range of diminishing marginal product, if the variable input to a firm is increased: a. output will increase more than in proportion to the increase in the input
b. output will increase less than in proportion to the increase in the input. c. output will increase exactly in proportion to the increase in the input. d. output will increase more than in proportion to the increase in the inputs at first, but it will eventually increase less than in proportion to the increase in the input.
Which of the following is the most common form of business organization in the United States?
A) proprietorship B) partnership C) corporation D) S-corporation