What are the two characteristics that are essential to economic analysis of invention?
A. Fixed costs and public goods
B. Fixed costs and private goods
C. Variable costs and public goods
D. Variable costs and private goods
Answer: A
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As a manufacturer becomes a mass producer, generally productivity ____ and wage rates _____.
A. falls; fall B. rises; rise C. rises; fall D. falls; rise
Military decisionmakers want to keep procurement costs low in order to increase the likelihood that the program will be approved. As a results, ______
a. maintenance costs on contracted output tend to be higher b. maintenance costs on contracted output tend to be lower c. maintenance costs on contracted output are minimized d. maintenance costs on contracted output are eliminated
In the swimming pool market, supply and producer surplus both just fell. What most likely happened to cause this?
a. Price levels increased. b. Price levels decreased. c. A subsidy was given. d. A tax was removed.
Why are economic theories and principles imprecise? Shouldn’t they apply to everyone?
Please provide the best answer for the statement.