________ is the notion that there is a limit to the information that an economic agent, such as a manager, can comprehend and act on
a. Core competency
b. Outsourcing
c. Economies of scope
d. Bounded rationality
d
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The figure above shows Ronald's budget line. He has a weekly income of $20 and he spends it on hot dogs and hamburgers. The relative price of a hamburger is ________
A) 1/2 hot dog B) 5 hot dogs C) $20 D) 2 hot dogs
Not enforcing property rights in an economy will
A) lower the level of investment. B) raise the level of investment. C) not change the level of investment. D) cause the market system to work efficiently.
Suppose that nominal GDP were $1200 billion in 1990 and $2000 billion in 1995. The implicit GDP deflator was 1.00 in 1990 and 1.50 in 1995. From this we can infer that, between 1990 and 1995
A) nominal GDP rose by 33%. B) prices rose by 66%. C) real GDP remained constant. D) real GDP rose by about 11%.
Average total costs are defined as
A) total costs divided by the change in output. B) total costs divided by output. C) the change in total costs when output changes. D) average variable costs plus marginal costs.