Explain how harmonization of standards might increase productive efficiency
What will be an ideal response?
The harmonization of technical standards having to do with product design or performance can create greater efficiency since firms have to consider only one set of standards, reducing the costs of making modifications for different markets.
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When the Fed sells government securities to banks, the sale
A) decreases banks' reserves. B) increases the quantity of money. C) creates more excess reserves. D) increases banks' reserves. E) increases the monetary base.
When XYZ Corporation produces 35 units of output its average variable cost is $5 . The marginal cost of the 36th unit of output is $7 . If the firm chooses to produce the 36th unit of output, what will happen to average variable cost? Explain
What will be an ideal response?
Of the determinants of labor productivity, the more important one is
A) the capital-labor ratio. B) the size of the labor force. C) total factor productivity. D) the hours worked by the labor force.
If makers of snake anti-venom implement significant price increases, it is unlikely to significantly affect the use of anti-venom for treating poisonous snakebites. The demand for anti-venom is: a. elastic
b. inelastic. c. unit elastic. d. unit inelastic.