According to James and Skinner, in 19th century American manufacturing, ____________ was scarce, but __________________ was even scarcer
a. unskilled labor; capital
b. capital; skilled labor
c. unskilled labor; fuel sources
d. capital; raw materials
b. capital; skilled labor
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What is the dilemma faced by firms in oligopoly?
What will be an ideal response?
The Student t distribution is
A) the distribution of the sum of m squared independent standard normal random variables. B) the distribution of a random variable with a chi-squared distribution with m degrees of freedom, divided by m. C) always well approximated by the standard normal distribution. D) the distribution of the ratio of a standard normal random variable, divided by the square root of an independently distributed chi-squared random variable with m degrees of freedom divided by m.
In a free market, a given unit of an input will be used by the firm that
a. earns the largest addition to total profit from the use of that unit of input. b. has the lowest marginal cost of producing another unit of output. c. sells its output for the highest price. d. earns the largest total profit.
U.s. gnp
a. includes production of foreigners working in the U.S. and production of U.S. citizens working in foreign countries. b. includes production of foreigners working in the U.S. but excludes production of U.S. citizens working in foreign countries. c. excludes production of foreigners working in the U.S. but includes production by U.S. citizens working in foreign countries. d. excludes production of foreigners working in the U.S. and production by U.S. citizens working in foreign countries.