The more complicated a production process is,
a. the lower the transactions cost of using markets
b. the lower the cost of production
c. the more likely the market will be used to organize production
d. the more likely that transaction costs decrease through centralized control of production
e. the more likely that transaction costs decrease through use of markets
D
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Howard has just smoked a cigarette. If he chooses to smoke a second one:
A. he will experience a drop in total utility. B. he is not acting rationally. C. he will derive less marginal utility from it than his first. D. None of these is true.
The position of the long-run aggregate supply curve corresponds to the economy's: a. full-employment real GDP
b. maximum possible level of employment. c. natural level of personal consumption expenditure. d. maximum possible level of personal consumption expenditures. e. maximum possible price level.
According to real business cycle theorists, new technology raises real productivity, which allows for lower costs and prices
Indicate whether the statement is true or false
The form of business organization responsible for generating the greatest portion of business revenues in the United States is the
A. corporation. B. partnership. C. proprietorship. D. dual proprietorship.