Which of the following is not a correct statement about the growth of real GDP in the U.S. economy?
a. Real GDP in 2009 was almost four times its 1965 level.
b. Growth was steady between 1965 and 2009.
c. Continued growth in real GDP enables the typical American to enjoy greater economic prosperity than his or her parents and grandparents did.
d. The output of goods and services produced grew on average about 3 percent per year between 1965 and 2009.
b
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In the Fixed Effects regression model, using (n – 1) binary variables for the entities, the coefficient of the binary variable indicates
A) the level of the fixed effect of the ith entity. B) will be either 0 or 1. C) the difference in fixed effects between the ith and the first entity. D) the response in the dependent variable to a percentage change in the binary variable.
The use of present value calculations in valuing natural resources is important because it:
A. Ensures that net benefits are minimized over time B. Permits greater extraction of resources in the future C. Permits greater extraction of resources in the present D. Ensures resources are allocated to their best use over time