Markets in which the behavior of the firms theoretically leads to an efficient allocation of resources that maximizes the benefits to consumers given the resources available to consumers are
A. monopolistic competition and oligopoly.
B. monopoly and oligopoly.
C. monopolistic competition and monopoly.
D. perfect competition and perfectly contestable.
Answer: D
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Automated production methods are only attractive when they
a. are undertaken in heavily unionized sectors of the economy. b. reduce per-unit costs. c. replace workers. d. decrease labor productivity.
Harmonization of standards refers to
A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner. D) separate standards held by different trading partners which other partners refuse to recognize.
One World View article is titled "Flat Panels, Thin Margins." New firms continue to enter the industry even though prices are falling because
A. Normal profits are being earned. B. Economic profits are being earned. C. Total costs are greater than total revenues. D. Total costs equal total revenues.
In order to formulate whether or not the alternative hypothesis is one-sided or two-sided, you need some guidance from economic theory
Choose at least three examples from economics or other fields where you have a clear idea what the null hypothesis and the alternative hypothesis for the slope coefficient should be. Write a brief justification for your answer. What will be an ideal response?