Employing the error learning model to forecast sales, a firm where sales last period were expected to be $110 million, but actually sold $100 million would forecast that sales this period would be ________ if ________ is the coefficient of adjustment
. A) 103; 0.03
B) 105; 0.5
C) 110; 0.10
D) All of the above are correct.
B
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Which of the following are examples of non-rival and exclusive goods?
a. public swimming pool b. golf course c. subways d. all of the above goods are non-rival and exclusive
Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds." B) "Seeing the results is the only way to know if you are right." C) "A bird in the hand is worth two in the bush." D) "In the long run, we are all dead."
In Figure 11.3, the multiplier effect resulting from a change in investment spending is represented as the distance between points
A) a0 and a1. B) y0 and y1. C) a1 and y1. D) C0 and C1.
Encouraging international trade will
A) slow economic growth as many workers lose their jobs to foreign workers. B) speed economic growth as workers specialize and trade with others. C) speed economic growth because international trade limits the harm done by property rights. D) slow economic growth when a country is forced to specialize and trade with other countries. E) speed economic growth as workers diversify their knowledge and limit trade.