Which of the following is most important if you want to achieve high earnings?
What will be an ideal response?
ability to provide others with things that they value highly
You might also like to view...
Show that the utility functions V(X,Y) = XaY1-a and U(X,Y) = a ln(X) + (1-a)ln(Y) represent the same ordering of bundles
What will be an ideal response?
Models should:
A. not be applied to microeconomics. B. attempt to include every detail of the situation being studied. C. describe a real life situation accurately. D. attempt to describe a situation with perfect accuracy.
The labor force includes:
A. employed workers and persons who are officially unemployed. B. employed workers but excludes persons who are officially unemployed. C. full-time workers but excludes part-time workers. D. permanent employees but excludes temporary employees.
The principal concept behind comparative advantage is that a nation should:
A. Maximize its volume of trade with other nations B. Use tariffs and quotas to protect the production of vital products for the nation C. Concentrate production on those products for which it has the lowest domestic opportunity cost D. Strive to be self-sufficient in the production of essential goods and services