The long-run trend in business activity is
A. upward.
B. downward.
C. constant.
D. such that it cannot be described as a trend.
Answer: A
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If an estimated regression explains none of the variation, R2 will be
A) 0. B) between 0 and 1. C) 1. D) unable to determine with the information given.
The difference between the average variable cost and the average fixed cost is the average total cost
Indicate whether the statement is true or false
A surplus of a good means
a. there is an excess demand for this good b. the price is lower than its equilibrium level c. the quantity demanded exceeds the quantity supplied d. the quantity supplied is less than the quantity demanded e. there is an excess supply of the good
The difference between variable cost and fixed cost is that
a. fixed cost is paid even when there is no output b. fixed cost is always falling as output increases c. variable cost only increases for a while and then it decreases d. fixed cost is always less than variable cost e. fixed cost is not paid once production begins