Best guesses of an event occurring in the future are based on
A) estimates derived from the frequency of the event occurring in the past.
B) coin flips.
C) subjective probability.
D) the wisdom of crowds.
C
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The two most important factors contributing to increased productivity in industrialized countries in the twentieth century were:
A. higher relative prices and technological progress. B. higher relative prices and a larger labor supply. C. technological progress and increases in the labor supply. D. technological progress and increases in the capital stock.
Refer to Scenario 3 . If half the workers build huts and half of the workers gather coconuts, what would be the production on the island?
What will be an ideal response?
Which of the following is not an argument in favor of the globalization of business?
A) More efficient use of resources lowers operating costs and selling prices. B) More products are made available and new markets are opened. C) Economic and political security are enhanced. D) Technology transfers improve living standards in poorer countries.
Refer to the above figure. We are currently producing at point c. Which of the following statements is TRUE?
A) Resources are not being efficiently utilized. B) Resources are being efficiently utilized. C) The only way to produce more of Goods X or Y is to have an increase in the amount of resources. D) The Law of Increasing Additional Cost does not hold.