To pursue higher rates of economic growth only when the advantages of the policy outweigh the sacrifices that must be made is an example of the:
A. principle of comparative advantage
B. principle of increasing opportunity costs
C. scarcity principle
D. cost-benefit principle
Answer: D. cost-benefit principle
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The assumption that wages adjust more slowly than prices implies that the Phillips Curve
A) exists in the short-run. B) exists in the long-run. C) is vertical. D) does not exist.
Utility is
a. easily measured because all people derive the same utility from consumption b. easily measured because it is an objective concept c. easily measured because it is a subjective concept d. hard to measure because it is a subjective concept e. hard to measure because it is an objective concept
The ISO 9000 family of quality management and assurance procedures improve exchangeability by lowering the cost of obtaining information about the goods to be traded and the counterparties with whom individuals might trade
Indicate whether the statement is true or false
An idea concerning production that eventually takes the form of a new applied technology is
a. the scientific method b. robots c. increasing cost of new technology d. innovation e. human capital