The assumption that X has full column rank implies that
A) the number of observations equals the number of regressors.
B) binary variables are absent from the list of regressors.
C) there is no perfect multicollinearity.
D) none of the regressors appear in natural logarithm form.
Answer: C
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Which of the following statements is true of competitive market equilibrium?
A) The determination of equilibrium price and quantity is independent of the demand for goods. B) Social surplus is minimized at the competitive equilibrium. C) At the competitive equilibrium, there are no unexploited gains from trade. D) A competitive equilibrium is determined only by a few large sellers in the market.
Figure 19.1 displays changes in the size of private inventories. Based on the figure, in which month is the size of private inventories likely to have been lowest?
A) September 2010 B) September 2011 C) September 2009 D) March 2010