If R2 is less than 1
A) the regression analysis is incorrect.
B) the observation data is suspect.
C) some observations do not lie on the regression line.
D) the probability of having the correct fit is very low.
C
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The horizontal short-run aggregate supply curve
A) assumes that wages and all other input prices are constant. B) assumes that opportunity cost is constant. C) shows that real GDP can be increased only when prices increase. D) assumes that there is full employment in the economy.
Using the data in the above table, if the firm employs 5 workers, total product (measured in units per day) and average product and marginal product of the fifth worker (measured in units per worker) are
A) 23, 5.00, and 4 respectively. B) 23, 5.75, and 4 respectively. C) 25, 5.00, and 2 respectively. D) 25, 5.75, and 4 respectively.