The textbook makes the analogy: economic forecasting is a lot like
a. meteorology
b. casino gambling
c. groping in the dark
d. experimental physics
e. mathematics
A
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Successful product differentiation by a monopolistically competitive firm makes the demand curve, faced by the firm, steeper
a. True b. False Indicate whether the statement is true or false
In 2012, the combined expenditures of federal, state, and local governments in the United States were approximately
a. 9 percent of GDP. b. 24 percent of GDP. c. 38 percent of GDP. d. 45 percent of GDP.
Which is the best example of a firm's implicit costs?
A) wages B) the opportunity cost of owner-provided labor C) rent D) taxes
Assume a perfectly competitive industry is in long-run equilibrium at a price of $20. If this industry is a constant-cost industry and the demand for the product decreases, long-run equilibrium will be reestablished at a price
A. less than $20. B. of $20. C. greater than $20. D. either greater than or less than $20 depending on the magnitude of the decrease in demand.