The social problem of resource allocation requires society to decide
a. all of the following
b. both d and e
c. how output should be produced
d. what goods and services should be produced
e. who gets what society produces
A
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In Sewei's lawnmowing business, in order to produce each mowed lawn, Sewei must hire exactly one unit of capital (a lawnmower) and exactly one unit of labor. Describe the elasticity of substitution between labor and capital
What will be an ideal response?
Charting observations on a semi-logarithmic graph will help the analyst to ascertain whether
A) absolute changes from period to period are constant. B) whether percentage changes from period to period are constant. C) whether percentage changes from period to period are declining. D) Both B and C
The process by which resources are transformed into useful forms is
A. production. B. allocation. C. consumption. D. capitalization.
A prisoners' dilemma can possibly be avoided in repeated games.
Answer the following statement true (T) or false (F)