Which of the following statements is true?
A. The average of an exponential time series is a linear function of time.
B. The average of a linear sequence is an exponential function of time.
C. When a series has the same average growth rate from period to period, it can be approximated with an exponential trend.
D. When a series has the same average growth rate from period to period, it can be approximated with a linear trend.
Answer: C
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When is it not in the best interest of a company to hire additional workers in the short run?
A) when the average product of labor is decreasing B) when the firm is in Stage II of the production process C) when the marginal revenue product equals zero D) when the wage rate is equal to or greater than labor's marginal revenue product
Input demand is called derived demand because
a. demand for an input is derived from demand for the product or service it produces. b. demand for an input is derived from its availability in the input market. c. demand for the output produced is also derived from consumer demand. d. input demand actually determines how much output is produced.
Currently, total government expenditures in the United States:
a. are close to 40 percent of GDP. b. fell by half, to 10 percent of GDP. c. nearly doubled to about 60 percent of GDP. d. nearly tripled to about 60 percent of GDP.
The profit-maximizing output of a monopolistic competitor is determined at the point of intersection of the demand curve and the marginal cost curve
a. True b. False Indicate whether the statement is true or false