Diebold and Rudebusch showed that the composite index of leading indicators did not improve forecasts of industrial production because
A) the index is not produced in a timely manner.
B) the government manipulates the index so it never predicts a recession.
C) the index is not designed for forecasting.
D) data on the components of the index are revised.
D
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A firm that is a price taker faces
A) an elastic supply curve. B) an inelastic supply curve. C) a perfectly elastic demand curve. D) a perfectly inelastic demand curve. E) an elastic but not perfectly elastic demand curve.
The demand for French Roast coffee is likely to be
A. elastic. B. inelastic. C. unit elastic. D. perfectly inelastic.
An action that is the best choice under all conditions is known as the
A) profit-maximizing strategy. B) prisoner's dilemma. C) tit-for-tat strategy. D) dominant strategy.
Which of the following explains why the marginal cost curve has a U shape?
A) Initially, the marginal product of labor falls, then rises. B) Initially, the average product of labor rises, then falls. C) Initially, the marginal product of labor rises, then falls. D) Initially, the average cost of production rises, then falls.