
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Explain Rostow’s take-off hypothesis and Fogel’s major criticisms.
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- urgentarrow_forwardYou and your research partner want to use Instrumental Variable analysis to write an econometrics paper and find causal estimates. Your partner argues that because the residuals and the instrument are uncorrelated, the exogeneity requirement is satisfied. What do you tell your research partner: a) You agree, the exogeneity requirement is satisfied by construction b) You agree, the exogeneity requirement is satisfied by their demonstration c) You disagree, you would need the results of the White Test to make this conclusion d) You disagree, the exogeneity requirement cannot be tested as we do not observe the error terms e) You cannot make any conclusions with the current informationarrow_forwardApplication. The outbreak of the bubonic plague- the Black Death- in 1348 reduced the population of Europe by about one-third within a few years, which resulted in a massive reduction in the labor force during the plague years. Suppose the outbreak of the bubonic plague- the Black Death- in 1348 did not cause the TEP. parameter to fall (this is a reasonable assumption for simplicity as the effect of the fall in TFP was much less significant than the effect of the massive reduction in the labor force during the Black Death, so the effect of the fall in TFP was negligible compared with the massive reduction in the labor force during the Black Death). Using the complete intertemporal model developed in class, brieáy explain the eşects of the outbreak on the equilibrium values of real wage, output, real interest rate, consumption, investment, and the price level.arrow_forward
- Why would I use a one-tailed (directional) hypothesis? What are the limitations of using a one-tailed hypothesis?arrow_forward3. A researcher is commissioned by a policy maker to conduct an empirical investigation. The researcher needs to collect data and hence asks the policy maker for a grant. After the grant application is approved the researcher demands for more financial support to collect more data and increase its sample size. The researcher claims that the advantage of a bigger sample size is removing the bias from estimation. < a) Explain omitted variable in linear regressions. < b) Based on what you learnt in this module, do you agree or disagree with the researcher's claim that "bigger sample size removes the omitted variable bias". Discuss. <arrow_forwardexplain whether the given statement is true, false or uncertain. Then provide arguments to justify your selection. On an average, real GDP per capita has grown at a much slower rate in USA than in Japan after the second world war. This is because of much lower levels of GDP per capita in USA than in Japan around the second world war time.arrow_forward
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