In practice, the most difficult aspect of feasible WLS estimation is
A) knowing the functional form of the conditional variance.
B) applying the WLS rather than the OLS formula.
C) finding an econometric package that actually calculates WLS.
D) applying WLS when you have a log-log functional form.
Answer: A
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Other things remaining the same, if an industry introduces a labor-complementary technology in production, the demand curve for labor in that industry is likely to:
A) shift to the left. B) shift to the right. C) become vertical. D) become horizontal.
The textbook defines a "well-organized" market as a market in which
A) all information available to sellers and buyers is also available to other parties to exchange transactions. B) bids and offers of buyers and sellers are brought together to establish a single price over a wide area. C) the government regulates maximum and minimum prices. D) the terms of exchange between buyers and sellers are controlled by a professional marketing association.