An economic forecast:
a. will always be true.
b. is more reliable than a weather forecast.
c. will never provide valuable information.
d. should not be relied upon to predict economic events.
e. is always based upon a Ceteris paribus condition.
e
You might also like to view...
Explain two different ways to determine the profit-maximizing level of output for a firm in a perfectly competitive market
What will be an ideal response?
When the dollar depreciates,
A) exports will increase and U.S. consumers benefit. B) imports will increase and U.S. consumers benefit. C) exports will decrease and U.S. exporters benefit. D) exports will increase and U.S. exporters gain.
The law of demand assumes that as the price of a good increases,
a. people recognize that its price may be even higher in the future, so they buy now rather than later b. consumers tend to shift their purchases to relatively cheaper substitutes c. people will buy less of it in the hope that the good will be cheaper in the future d. the consumer's money income increases, and he or she is less able to buy all goods, including the good whose price has increased e. the consumer's money income decreases, and if the product is a normal good, more will be purchased
Mutual interdependence is an important characteristic of the ________ market structure(s)
a. monopoly b. oligopoly c. monopolistic competition d. perfect competition e. perfect competition and monopolistic