The increase in the market value of a good at a particular stage of production is known as
A. Cost based accounting.
B. Value added.
C. The input price.
D. Profit.
Answer: B
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A decrease in the real wage rate
A) shifts the labor demand curve rightward. B) shifts the labor demand curve leftward. C) shifts the labor supply curve leftward. D) none of the above because a change in the real wage rate does not shift either the labor demand or labor supply curve.
All but one of the following have been suggested by some economists as possible consequences of path dependency and switching costs. Which of the following is not a possible consequence of path dependency and switching costs?
A) diseconomies of scale B) market failure C) Consumers may get locked into using products with inferior technology. D) Government intervention may be necessary in affected markets in order to improve economic efficiency.
fConsider a course with 40 students....
Consider a course with 40 students, some of whom are confused after the professor explains a concept. The professor doesn't know whether students are confused, but will clarify the concept if one student asks a question. A student who asks a
questionlong dash—and
reveals his or her
confusionlong dash—loses
88
utils. When the professor clarifies the concept in response to a question, each confused student gets a benefit of
22
utilsutils.
The voluntary export restraint that the United States negotiated with Japan:
a. violated provisions of the GATT that encouraged countries to avoid using quotas. b. exploited a loophole in the GATT because the quota was administered by the exporting country. c. did not allow U.S. auto producers to raise their prices. d. did not impose any deadweight losses on the United States