The problem of getting an accurate reading on current economic developments is known as the
A) data problem.
B) recognition lag.
C) impact lag.
D) information problem.
B
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Answer the following statement(s) true (T) or false (F)
1. Market demand for a private good is found by vertically summing individual demands. 2. The supply curve is positively sloped because marginal cost (MC) rises with output (Q). 3. If QS = –10 + ½ P, the slope of supply, when conventionally graphed, is +½ . 4. Equilibrium price is the price level at which QD equals QS. 5. If the price level is such that quantity supplied exceeds quantity demanded, there is excess demand, or a shortage in the market.
The presence of a privately-owned monopoly helps:
A. the monopolist. B. government. C. consumers. D. society overall.
Average variable cost equals
A. TC/Q. B. TVC/Q. C. TFC/Q. D. change in total cost/change in output.
Goodwill is a type of tangible capital.
Answer the following statement true (T) or false (F)