Economists are unanimous in their belief that advertising is socially inefficient
a. True
b. False
Indicate whether the statement is true or false
False
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To decide whether or not the slope coefficient is large or small,
A) you should analyze the economic importance of a given increase in X. B) the slope coefficient must be larger than one. C) the slope coefficient must be statistically significant. D) you should change the scale of the X variable if the coefficient appears to be too small.
Nominal GDP uses constant base-year prices to place a value on the economy's production of goods and services, while real GDP uses current prices to place a value on the economy's production of goods and services
a. True b. False Indicate whether the statement is true or false
The classical economists believed that recessions
A. needed to be fought with monetary and fiscal policy. B. would probably develop into depressions. C. develop into inflations. D. would cure themselves.
The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm. B) contribution of an additional unit of labor to a firm's revenue. C) extra output that is produced by hiring an additional unit of labor. D) amount of output produced by the first unit of labor hired by a firm.