The ability to control a scarce resource or input is a characteristic of perfect competition.
Answer the following statement true (T) or false (F)
True
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The method of forecasting with leading indicators can be criticized for
A) occasionally forecasting a recession when none ensues. B) forecasting the direction of the economy but not the size of the change in economic activity. C) frequent revisions of data after original publication. D) All of the above
If the marginal revenue product of the last worker hired exceeds the marginal factor cost of the worker, the firm would be better served if it
A) hires additional workers. B) maintains its current level of workers already hired. C) lays off the last worker hired. D) None of the above is a good option for a profit-seeking firm.
The impact of an expansionary fiscal policy may be strengthened if it crowds out some private investment spending.
Answer the following statement true (T) or false (F)
Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit:
A. there will be an excess demand for the product. B. there will be an excess supply of the product. C. the quantity supplied of the product will be less than the quantity demanded of that product. D. there will be a shortage of that product.