In a multiple regression model, the OLS estimator is consistent if:
A. there is no correlation between the dependent variables and the error term.
B. there is a perfect correlation between the dependent variables and the error term.
C. the sample size is less than the number of parameters in the model.
D. there is no correlation between the independent variables and the error term.
Answer: D
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An increase in oil prices will
A) shift the short-run aggregate supply curve up and to the left. B) shift the short-run aggregate supply curve down and to the right. C) cause a movement along the short-run aggregate supply curve. D) not affect the short-run aggregate supply curve.
Economics is best defined as the
A) study of how people make choices to satisfy their wants. B) study of individual self-interests. C) study of how government can most efficiently raise funds by taxation. D) process by which goods are sold in free markets.
A country that has absolute advantage in producing all goods does not benefit from trade.
a. true b. false
To keep high inflation from eroding the value of money, monetary authorities in the United States:
A. establish insurance on checkable deposit accounts. B. make paper money legal tender for the payment of debt. C. control the supply of money in the economy. D. create token money that is less than its intrinsic value.