Nations will attract investment and its citizens will engage in productive activities when the institutions and policies of that country
a. discourage market exchange.
b. protect people and their property and enforce contracts even-handedly.
c. abolish private property rights.
d. all of the above.
B
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A cost incurred in the production of a good or service and for which the firm does not need to make a direct monetary payment, is referred to as ________ cost
A) a minimized B) a maximized C) an explicit D) an implicit E) an invisible
Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 12th worker?
A) $1035 B) $135 C) $90 D) $1.50
In testing whether each individual independent variables (Xs) in a multiple regression equation is statistically significant in explaining the dependent variable (Y), one uses the:
a. F-test b. Durbin-Watson test c. t-test d. z-test e. none of the above
In a growing economy, it is possible to eliminate
A) absolute poverty. B) relative poverty. C) both absolute and relative poverty. D) either absolute nor relative poverty.