The difference between what producers receive at the market clearing price and the total amount that they would have been willing to accept for the total quantity produced in a market is called

Carefully explain the difference between forecasting variables separately versus forecasting a vector of time series variables. Mention how you choose optimal lag lengths in each case

Part of your essay should deal with multiperiod forecasts and different methods that can be used in that situation. Finally address the difference between VARS and VECM. What will be an ideal response?

The law of diminishing marginal utility applies to goods with negative income elasticities; it does not always apply for goods with positive income elasticities

a. True b. False