Local governments receive around _____ of their total revenue from intergovernmental transfers
a. fifteen percent
b. twenty-five percent
c. thirty-five percent
d. forty-five percent
c
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In the case of exact identification
A) you can use the J-statistic in a test of overidentifying restrictions. B) you cannot use TSLS for estimation purposes. C) you must rely on your personal knowledge of the empirical problem at hand to assess whether the instruments are exogenous. D) OLS and TSLS yield the same estimate.
If the Fed conducted an open market sale of bonds, what would most likely happen in the bond market?
a. The excess demand for bonds would cause the price of bonds to fall. b. The excess supply of bonds could cause the price of bonds to rise. c. There would be no effect in the bond market. d. The excess supply of bonds would cause the price of bonds to fall. e. The excess demand for bonds would cause the price of bonds to rise.