The state governments in the U.S. spend a large percentage of their funds on ________
A) public welfare
B) social security
C) national defense
D) income security
A
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Marginal utility is the:
A) sensitivity of consumer purchases of a good to changes in the price of that good. B) change in total utility obtained by consuming one more unit of a good. C) change in total utility obtained by consuming another unit of a good divided by the change in the price of that good. D) total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed.
When the errors are heteroskedastic, then
A) WLS is efficient in large samples, if the functional form of the heteroskedasticity is known. B) OLS is biased. C) OLS is still efficient as long as there is no serial correlation in the error terms. D) weighted least squares is efficient.