Large projects that involve purchasing land from many landowners may not succeed due to the numerous expenses of negotiating so many different deals. These expenses, such as attorney's fees and bank fees, are examples of
A) transactions costs.
B) eminent domain.
C) the holdout problem.
D) negative externalities.
A
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Refer to Table 2-17. Which of the following statements is true?
A) Lucy has a comparative advantage in making both products. B) James has a comparative advantage in making both products. C) Lucy has a comparative advantage in making tricycles and James in making wagons. D) Lucy has a comparative advantage in making wagons and James in making tricycles.
In a regression equation, one may measure the accuracy of the estimation by:
a. calculating the standard deviation of the errors of prediction b. calculating the standard error of the estimate c. estimating the standard deviation of the errors of prediction d. all of the above e. a and b only
When it takes time for the president and Congress to change fiscal policy to act on economic data, we have a(n)
A. aggregate time lag. B. action time lag. C. recognition time lag. D. effect time lag.
We are assuming that returns to scale are
A) scalable. B) constant. C) increasing. D) zero.