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1. Specification Bias
a. Define "specification bias". Describe why it is considered to be a "fatal" error when estimating an econometric model.
b. Describe two ways the Granger Causality Test can help in the construction of a correctly specified econometric model.
c. When can a Durbin-Watson statistic indicate a "spurious" regression or possible specification error? What is a limitation of the DW statistic to detect such an error?
d. If you reject the Ho for the Omitted Variable Test, does that necessarily imply that you have a correctly specified model? Why or Why not?
Tax Freedom Day answers the basic question, Illustrate what cost is the nation paying for government.
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A consumer with convex indifference curves moves along her budget line, closer and closer to the horizontal axis. As she is moving
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For each of the following shocks, describe how monetary policymakers would respond (if at all) to stabilize economic activity. Assume the economy starts at a long-run equilibrium.
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
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Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to the overall level of U...
”Most commercial fish species in nearly every ocean and sea are being rapidly depleted in what marine biologists and other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the w..
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