Which of the following statements is TRUE about the role of gifts given to U.S. citizens from foreign residents?
A) Gifts are not included in the balance of payments because of the nature of the gift.
B) Gifts are only included in the balance of payments if the gift is given to a government official.
C) Gifts are included in the balance of payments.
D) Gifts given to U.S. citizens are not included in the balance of payments but gifts given to foreigners are included.
C
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How does the textbook's notion of competition as a process differ from the model of perfect competition?
A) The process notion allows for uncertainty and incomplete information; perfect competition doesn't. B) The process notion allows for price searching activity; perfect competition doesn't. C) The process notion allows for product differentiation; perfect competition doesn't. D) The process notion allows for a small number of participants; perfect competition doesn't. E) For all of the above reasons.
What does the Gauss-Markov theorem prove? Without giving mathematical details, explain how the proof proceeds. What is its importance?
What will be an ideal response?