Alternative Dispute Resolution (ADR) is used by many companies to:
A. reduce the high cost of commercial litigation.
B. solve problems associated with the distribution of public goods.
C. reduce government intervention in international trade.
D. eliminate the need for a court system.
Answer: A
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Along the aggregate production function, as the quantity of labor rises, real GDP
A) rises. B) falls. C) stays the same. D) may fall, rise, or stay the same.
Ames and Rosenberg (1963) argue that demand for manufactured goods in the U.S. tended to be utilitarian in nature rather than "high quality," and this encouraged development of mass production methods
Indicate whether the statement is true or false
We study the simple model of competitive markets because it helps to:
A. provide useful insights to markets that are not perfectly competitive. B. show how the government controls the economy. C. indicate whether buyers or sellers matter more. D. show how poorly the economy actually functions.
The condition for profit-maximization for competitive firms and monopolies is the same: marginal revenue equals marginal cost. Hence, monopolies are efficient.
Answer the following statement true (T) or false (F)