Normative analysis in a(n) ______ approach.
a. objective
b. subjective
c. positive
d. empirical
b. subjective
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In the table above, country A is producing 4 units of X and 8 units of Y and country B is producing 4 units of X and 6 units of Y. Regarding the production of good X
A) country A has an absolute advantage. B) country B has an absolute advantage. C) country A has a comparative advantage. D) country B has a comparative advantage.
When a firm is experiencing diseconomies of scale
A) the MP curve has a negative slope. B) the LRAC curve has a positive slope. C) it must also experience diminishing returns to labor. D) the MC curve has a negative slope.
Health care costs rose more than 10 percent in 2011, according to a survey of insurers by Aon Consulting Worldwide. If the increase in costs solely comes from increased wages to nurses and doctors, then for the health care industry
A) variable costs are increasing. B) fixed costs are increasing. C) long run average total cost is decreasing. D) productivity is increasing.
According to the concept of framing, when a customer calls a hotel regarding a reservation the hotel reservationists generally state room rates as the _____
a. lowest they charge during peak demand periods b. average they charge during peak demand periods c. highest they charge during peak demand periods and then discount those rates d. lowest they charge during off-peak demand periods e. highest they charge during off-peak demand periods and then discount those rates