A GDP price index of 100 for a year implies that:
a. there has been no inflation during the year
b. the price level is three times what it was in the base year.
c. the price level is one hundred times what it was in the base year.
d. the price level is double what it was in the base year.
e. the inflation rate has been 100 percent per year since the base year.
b
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An outcome is Pareto efficient if:
A) an individual can be made better off without making someone else worse off. B) benefits of the outcome are equally distributed among all the participants. C) no individual can be made better off without making someone else worse off. D) costs of the outcome are equally shared by all the participants.
The homoskedastic normal regression assumptions are all of the following with the exception of:
A) the errors are homoskedastic. B) the errors are normally distributed. C) there are no outliers. D) there are at least 10 observations.