Cartel members have a collective interest in ____ industry output and a private interest in ____ their own output

Investment is the expenditure done by

A) savers. B) firms. C) the rest of the world. D) governments. E) Both answers A and B are correct.

Omitted variable bias

A) will always be present as long as the regression R2 < 1. B) is always there but is negligible in almost all economic examples. C) exists if the omitted variable is correlated with the included regressor but is not a determinant of the dependent variable. D) exists if the omitted variable is correlated with the included regressor and is a determinant of the dependent variable.