Tests, using Leontief's methodology, to explain trade patterns of other countries
A) show that the Leontief Paradox holds only for the United States.
B) show that paradoxical results obtain for some countries but not for others.
C) show that the Leontief paradox holds in every case.
D) have never been performed.
B
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Which statement is consistent with the economic way of thinking?
A) Politicians seek to advance their own interests. B) Politicians are not only concerned with money and material goods. C) Politicians do not necessarily pursue narrow or selfish goals. D) All of the above. E) None of the above.
If the opportunity cost of producing more of one good increases as more of that good is produced, then the production method is inefficient
Indicate whether the statement is true or false
Because incentive contracts result in more risk placed on the part of agents
a. the average level of compensation typically falls b. the average level of compensation typically rises c. compensation is unaffected d. employers want employees to insure against wild compensation swings
Satisficing is the decision-making strategy that:
A. attempts to minimize the harm from losses rather than maximize the pleasure from gains. B. aims for optimal results in situations where the decision maker has perfect information. C. focuses on how one's consumption compares to the consumption of others, rather than on absolute consumption. D. aims for adequate results when achieving optimal results may necessitate an excessive expenditure of resources.