If the marginal product of labor is less than the average product of labor, then the average product of labor is increasing.
Answer the following statement true (T) or false (F)
False
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A surplus occurs when the market price is lower than the equilibrium price
Indicate whether the statement is true or false
Quantitative forecasting that projects past data without explaining the reasons for future trends is called
A) scientific forecasting. B) dumb forecasting. C) empirical forecasting. D) naïve forecasting.
If the U.S. Treasury in 1865 had decided to make the dollar convertible into gold at the pre-War rate,
a. relatively cheap British goods would have been highly desired by American consumers. b. the U.S. treasury would have quickly found its stock of gold depleted. c. British citizens would have converted large amounts of pounds into dollars. d. All of the above are correct. e. Only a and b are correct.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher