Economic progress comes primarily through
What will be an ideal response?
entrepreneurial action directed by competitive markets
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If ten cases of spring water are sold at a price of $6 each in a perfectly competitive output market and the marginal product of the last unit of labor is 5, then the marginal revenue product of that last unit of labor is
a. $60 b. $30 c. $50 d. $2 e. 60 cents
To an economist, individuals are acting "rationally" if they are striving to do their best to achieve their goals
a. True b. False Indicate whether the statement is true or false
When the Fed sells bonds in the open market, we can expect
A) bond prices and interest rates to fall. B) bond prices to rise and interest rates to fall. C) bond prices to fall and interest rates to rise. D) bond prices and interest rates to rise.
Mean Absolute Deviation (MAD) is not always the best in assessing a forecast model accuracy
A. True B. False