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Your textbook modifies the four assumptions for the multiple regression model by adding a new assumption. This represents an extension of the cross-sectional data case, where errors are uncorrelated across entities. The new assumption requires the errors to be uncorrelated across time, conditional on the repressor as well (cov(uit, uis Xit, Xis) = 0 for t ≠ s.). (a) Discuss why there might be correlation over time in the errors when you use U.S. state panel data. Does this mean that you should not use OLS as an estimator? (b) Now consider pairs of adjacent states such as Indiana and Michigan, Texas and Arkansas, New York and Connecticut, etc. Is it likely that the fifth assumption will hold here, even though the "contemporaneous" errors are correlated? If not, can you still use OLS for estimation?
What would peso/dollar exchange rate be if purchasing power parity holds. If a monetary expansion caused all prices in Mexico to double.
Describe a situation where the presence of multicollinearity would not necessarily be a bad thing. Explain your rationale. Describe a situation where multicollinearity would definitely be a bad thing and recommend remedial measures for the situation ..
Explain how to encourage people to spend more to increase aggregate demand and create employment possibilities.
Explain the factors that weaken the case for the market sector, such as lack of competition, externalities, public goods, and poor information.
Will market of demand and supply for labour with no government interference lead to an efficient outcome? Will your program affect it? Why or why not. How well do you think a voluntary contribution scheme [paid for by companies] would work in fun..
The NCAA has often been called an “incidental cartel. ”What is an “incidental cartel?”How has the NCAA exercised its cartel power? Give two distinct examples.
Suppose that the Fed raises the discount rate, causing a decrease in discount loans to the banking system. Assume that the decrease equals $950 in discount loans. Show how this change in discount loans affects the liabilities and assets of the Fed an..
When working with tribal people, keep in mind that:
Sometimes self-interested behaviour in markets do not contribute to broader social objectives Example: Should I burn my leaves or haul m into woods.
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
What is the profit-maximizing price and output level? Solve this algebraically for equilibrium P and Q and also plot the MC, D and MR curves and illustrate the equilibrium point.
What has been happening in Florida in general in terms of unemployment over this time period. What about for GDP.
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