Tutor profile: Jose R.
How does the reverse-pyramid writing structure work when pertaining to news articles or summaries?
A reverse-pyramid writing structure means that the most important information comes at the beginning of an article and is followed by less important events and details. This structure allows the writer to better catch the attention of the reader and present the most compelling information as quickly as possible.
What is the difference between trading partners having a comparative advantage vs. an absolute advantage?
Comparative advantage is when country A optimizes output by trading good Y relative to country B having a better ability to trade good X. That is, both countries produce what the make "best". Absolute advantage is when country A produces all goods more efficiently than country B regardless of whether the countries are trading good with each other or not.
Under what conditions is the Ordinary Least Squares (OLS) estimator BLUE (Best Linear Unbiased and Efficient)?
One must satisfy the Gauss-Markov assumptions in an OLS estimation in order to guarantee BLUE. This means that along our sample, the variance term has a constant value, the expected value of the error terms is 0, the regressors and regressand are independent of each other, and the regressors are not correlated with the error term.
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