List and describe four fields of economics
What will be an ideal response?
Student responses will vary. Possible answers include industrial organization, urban and regional economics, econometrics, comparative economic systems, economic development, labor economics, finance, international economics, public economics, economic history, law and economics, and the history of economic thought.
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To derive the external balance relationship under high capital mobility and floating exchange rates, an increase in government spending must be followed by
A) an increase in money stock to restore the balance of payments equilibrium. B) a decrease in money stock to restore the balance of payments equilibrium. C) a depreciation of the currency to restore the balance of payment equilibrium. D) a decrease in investment spending to restore the balance of payments equilibrium.
The notation for panel data is (Xit, Yit), i = 1, ..., n and t = 1, ..., T because
A) we take into account that the entities included in the panel change over time and are replaced by others. B) the X's represent the observed effects and the Y the omitted fixed effects. C) there are n entities and T time periods. D) n has to be larger than T for the OLS estimator to exist.