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Critically evaluate the following statements:
a. "In fact, multicollinearity is not a modeling error. It is a condition of de?cient data."*
b. "If it is not feasible to obtain more data, then one must accept the fact that the data one has contain a limited amount of information and must simplify the model accordingly. Trying to estimate models that are too complicated is one of the most common mistakes among in- experienced applied econometricians."
c. "It is common for researchers to claim that multicollinearity is at work whenever their hypothesized signs are not found in the regres- sion results, when variables that they know a priori to be important have insigni?cant t values, or when various regression results are changed substantively whenever an explanatory variable is deleted. Unfortunately, none of these conditions is either necessary or suf?- cient for the existence of collinearity, and furthermore none provides any useful suggestions as to what kind of extra information might be required to solve the estimation problem they present."‡
d. ". . . any time series regression containing more than four indepen- dent variables results in garbage."*
Suppose P (domestic price) and P* (foreign price) are both increasing. Now suppose that the dollar experiences a 5% nominal depreciation. a. Which country is experiencing the higher rate of inflation if the domestic currency experiences
It is often suggested that the Federal Reserve try to achieve zero inflation. If we assume that velocity of money is constant, does this zero-inflation goal require that the rate of money growth equal zero
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
Technology policies and planning are important factors in maintaining a business's technological assets and data security. Identify a contemporary technological breach in a company. How might this event been avoided? Answer 250-500 words
the u.s. government administers two programs that affect the market for cigarettes. media campaigns and labeling
In developing a vaccine for a dangerous new strain of flu virus a pharmaceutical company incurs a very high fixed cost. The marginal cost of delivering the vaccine to patients, however, is negligible (consider it equal to zero). The pharmaceutical..
Discuss how both income elasticity and cross elasticity of demand is useful in categorizing commodities
Discuss within your Learning Team the size of the U.S. federal government's national debt and why it continues to grow each year. Identify potential problems for future generations associated with the debt.
If market price is $60, how many units of output will the firm produce? Zero units of output because the firm shuts down. 1 unit of output. 2 units of output. 3 units of output.
Suppose that perfectly competitive firm faces the market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units.
How the Federal Reserves lending practices changed during this period - what did the Federal Reserve do to support firms deemed "too big to fail."
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