Suppose you read in the Wall Street Journal that actual investment in Canada in 2003 was less than the intended investment Canadian businesses had hoped to make. You would conclude that in 2003, the level of inventories in Canada was
a. less than desired and that Canadian output rose
b. less than desired and that Canadian output fell
c. greater than desired and that Canadian output rose
d. greater than desired and that Canadian output fell
e. greater than desired but would be unable to tell what effect it had on Canadian output
A
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Gertrude Stork's Chocolate Shoppe normally employs 4 workers. When the Chocolate Shoppe hired a 5th worker the Shoppe's total output decreased. Therefore
A) the total output of Gertrude Stork's Chocolate Shoppe is negative. B) the average product of the 5th worker is negative. C) the 5th worker should be hired only if he is willing to accept a wage lower than the wage paid to the other 4 workers. D) the marginal product of the 5th worker is negative.
An individual's permanent income is
A) constant over time. B) the same as his current income. C) unaffected by tax changes. D) equal to his expected average income.
In two-part pricing
A) consumers pay a lump-sum for all the goods purchased. B) the consumer must pay a lump sum if he buys more than a certain number of units of a good. C) a firm charges more for units purchased on the weekend than for those purchased during the week. D) the average price paid per unit is higher with a small number of units purchased than if a large number of units is purchased.
?When a series has the same average growth rate from period to period, then it can be approximated by an exponential trend.
Answer the following statement true (T) or false (F)