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A researcher estimated the following regression equation ,
Yt from the use of various amounts , X1 and X2 on a hectare
basis using time series data from 2001 to 2010.
The operation model is:
Yt = B0 + B1X1 + B2X2 + ei
The estimated regression equation is:
Yt = 31.98 + 0.65X1 + 1.10X2
(0.24) (0.27) (0.25)
Adjusted R2 = 0.989
Figures in parenthesis are standard error of estimates.
i) Estimate the t-values for each of the coefficients
ii) Interpret the results
The following budget data are for a country having both a central government and provincial governments:
Central purchases of goods and services 200
Provincial purchases of goods and services 150
Central transfer payments 100
Provincial transfer payments 50
Grants in aid (central to provincial) 100
Central tax receipts 450
Provincial tax receipts 100
Interest received from private sector by central government 10
Interest received from private sector by provincial governments 10
Total central government debt 1000
Total provincial government debt 0
Central government debt held by provincial governments 200
Nominal interest rate 10%
Calculate the overall and primary deficits for the central government, the provincial governments, and the combined governments.
Determine multiplier
C=120billion+ 0.8Yd, 1= R150 billion
When demand falls, the equilibrium price falls, and the quantity supplied decreases, all other factors remaining constant.
Study Exercises
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Fill-in-the-Blank
1. Fill in the blanks to make the following statements correct.
a. If the marginal cost of producing the last unit of a product is the same for all firms in an industry, we can say that the industry is ________ efficient, but we do not know enough to say that the industry is ________ efficient.
b. If the marginal cost of some product is $12, and the market price of that product is$15, then to achieve allocative efficiency, the economy should produce ________ of this product and therefore ________ other products.
c. The market structure that leads to both productive and allocative efficiency is ________.
d. A monopolistic industry may be productively efficient but will not be allocatively efficient because ________.
Suppose there are only three firms in an economy. Firm A grows crops and extracts minerals from its land with no inputs from other firms. Its sales are $200million annually, half of which goes to households and half to firms B and C in equal amounts. Firm B buys inputs from A and sells its entire output of $400million to Firm C. Firm C buys inputs from A and B and sells its $900million output directly to consumers (though 20% of this is overseas). What is GDP at basic prices? If there is only one tax – VAT at 10% - what is GDP at market prices
Describe the purpose of apec?
a-to establish uniform currency
b-to regulate equal treatment of member countries
c-remove border control among member countries
d-reduce tariffs among member countries
What do you think will be the long-range impact of computers and other information-processing technology on police work and police administration? What has been the impact so far?
What do you think are the primary methods by which police organizations actually control their employees’ decision making?
11 1. Recall the lemons problem at the start of the chapter. Some used cars are peaches, worth $3,000 to buyers and $2,500 to sellers, and some are lemons,. worth $2,000 to buyers and $1,000 to sellers. There is a fixed supply of cars and unlimited demand. Suppose there are twice as many peaches as lemons. Assume buyers can't tell the quality of a given car, while sellers can. What do the supply and demand curves look like? In the text, we asserted that markets clear at $2,666.67. Are there other market clearing prices?
According to By the Numbers, what percent of total national debt and foreign held debt is held by China? How about OPEC nations? What does this suggest about the relative importance of U.S. relations with China and OPEC nations?
