In calculation of squared forecast errors, an error of +3 yields a loss three times greater than an error of ?1.
Answer the following statement true (T) or false (F)
False
Rationale: FEEDBACK: In calculation of squared forecast errors, an error of +3 yields a loss nine times an error of ?1.
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The opportunity cost of something is the nominal price paid for the product
Indicate whether the statement is true or false
If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5 percent, the price elasticity of demand over this range of the demand curve is:
a. price elastic. b. price inelastic. c. perfectly inelastic. d. unitary elastic.
If an increase in the price of Good A causes an increase in the demand for Good B, Goods A and B are said to be substitutes
a. True b. False Indicate whether the statement is true or false
In economics, the latin phrase "Ceteris Paribus" means:
(a) "The market is at equilibrium". (b) "Invisible hand". (c) "Profit maximisation is the goal". (d) "All else being equal".