Which of the following best describes what has happened to the U.S. labor supply and labor demand over the past 50 years?
a. Labor supply increased and labor demand decreased.
b. Both labor supply and labor demand decreased.
c. Labor supply did not change but labor demand increased.
d. Both labor supply and labor demand increased.
e. Labor supply increased but labor demand did not change.
D
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The Delphi method is a
A) smoothing technique in forecasting. B) consensual forecast based on expert opinions. C) compound growth approach to forecasting. D) naïve forecasting approach.
The percentage change in the quantity of a good demanded is calculated by:
a. multiplying the absolute change in quantity demanded and the average quantity demanded. b. dividing the absolute change in quantity demanded by the average quantity demanded. c. multiplying the absolute change in quantity demanded and the total quantity demanded. d. dividing the absolute change in quantity demanded by the total quantity demanded.