Which of the following statements is true?
A) Arguments based on anecdotes are always true.
B) In the scientific method, anecdotes are more important than data.
C) Arguments by example are appropriate when contradicting a blanket statement.
D) It is easier for a researcher to jump to a wrong conclusion when she uses a large data set.
C
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What will be an ideal response?
Explain the Law of Demand
What will be an ideal response?
What is produced and consumed in the economy is determined jointly by
A) government policies and the economy's productive capacity. B) the economy's productive capacity and the preferences of consumers. C) the preferences of consumers and the behavior of business managers. D) the behavior of business managers and government policies.
A firm has two plants, one in the United States and one in Mexico, and it cannot change the size of the plants or the amount of capital equipment. The wage in Mexico is $5. The wage in the U.S. is $20
Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500. a. Is the firm maximizing output relative to its labor cost? Show how you know. b. If it is not, what should the firm do?