Imagine that the best and the brightest professionals of the planet Venus migrate to Earth to work. The upside of this brain drain is
a. the remittances sent home to Venus
b. getting rid of snooty Venetians
c. not being able to afford the modern machinery that will help the Venetians become more productive
d. decreased labor supply on Venus
e. increased income inequality on Venus
A
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Assuming we are considering a normal good, the calculated price elasticity of demand is:
A) always positive. B) always negative. C) positive if demand is elastic and negative if demand is inelastic. D) positive if demand is inelastic and negative if demand is elastic.
All of the following are good reasons for an applied econometrician to learn some econometric theory, with the exception of
A) turning your statistical software from a "black box" into a flexible toolkit from which you are able to select the right tool for a given job. B) understanding econometric theory lets you appreciate why these tools work and what assumptions are required for each tool to work properly. C) learning how to invert a 4×4 matrix by hand. D) helping you recognize when a tool will not work well in an application and when it is time for you to look for a different econometric approach.