The term capital, as used by economists, refers to
a. money
b. the physical space in which production occurs
c. the time allocated to producing goods and services
d. financial securities such as stocks and bonds
e. machinery and equipment that is not used up during the production process
E
Economics
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Consider the above figure. At income level Yd = $30, the APC is equal to
A) 0.05. B) 1.05. C) 1.25. D) 1.67.
Economics
When calculating the TSLS standard errors
A) you do not have to worry about heteroskedasticity, since it was eliminated in the first stage B) you can use the standard errors reported by OLS estimation of the second stage regression. C) the critical values from the standard normal table should be adjusted for the proper degrees of freedom. D) you should use heteroskedasticity-robust standard errors.
Economics