Which of the following is not included in national income?
a. Corporate profits
b. Interest earnings
c. Capital consumption allowance
d. Rental income
e. Stockbroker commissions
c
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Even when the demand for one good is high, the price of the good is also affected by supply. The textbook illustrates this by comparing the price of two items that were auctioned on the same day
Which of the following describes the results of the auction? A) A letter written by Abraham Lincoln sold for a higher price than a letter written by John Wilkes Booth. B) A letter written by John Wilkes Booth sold for a higher price than a letter written by Lee Harvey Oswald. C) A letter written by Abraham Lincoln was sold for a higher price than a letter written by Adam Smith. D) A letter written by John Wilkes Booth sold for a higher price than a letter written by Abraham Lincoln.
Gls
A) results in smaller variances of the estimator than OLS if the regressors are strictly exogenous. B) is the same as OLS using HAC standard errors. C) can be used even if the regressors are not strictly exogenous. D) can be used for time-series estimation, but not in cross-sectional data.