Maximum likelihood estimation yields the values of the coefficients that
A) minimize the sum of squared prediction errors.
B) maximize the likelihood function.
C) come from a probability distribution and hence have to be positive.
D) are typically larger than those from OLS estimation.
Answer: B) maximize the likelihood function.
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Vicki would be classified as
A) a voluntary part-time worker. B) unemployed. C) an involuntary part-time work. D) not in the labor force because she is a full-time student. E) a discouraged worker.
Which of the following is TRUE according to the case study on U.S. / China trade presented in the chapter?
A) China has relative abundance in capital. B) China has relative abundance in skilled labor. C) The United States has relative scarcity in unskilled labor. D) The United States has relative scarcity in capital.