GLS is consistent and BLUE if
A) X is predetermined.
B) the error process is AR(1).
C) X is strictly exogenous.
D) all the roots are inside the unit circle.
Answer: C
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A nation whose labor market is highly integrated with other nations in a currency union is more ______ to join because ______.
A) unlikely; workers would suffer real wage declines if they have competition from foreign workers B) unlikely; firms would find it expensive to hire workers if they have to pay in the common currency C) likely; labor market integration means that when there are asymmetric demand shocks the adjustment can be eased by migration of workers D) likely; labor force rules and policies can be harmonized more easily
The long-run supply curve in a competitive market is upward-sloping
Indicate whether the statement is true or false