The production function of a firm illustrates the relationship between the amount of labor hired and output
a. True
b. False
Indicate whether the statement is true or false
True
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A normative statement
A) depends on someone's values. B) cannot use the word "should." C) says what is currently believed about the way the world operates. D) must be tested to determine if it is correct. E) can be tested to determine if it is correct.
The fact that the major indicator of enterprise success in the Soviet Union and pre-reform China was the quantity of output implied that:
A. product quality was neglected. B. production costs were minimized. C. product-mix met consumer needs. D. technological advance was too rapid.
Shelby said to her friend, "I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them." Shelby was describing the concept of
A) consumer surplus. B) producer surplus. C) equilibrium. D) marginal cost. E) total surplus.
The costs of many environmental regulations can be calculated in dollars but the benefits often are in terms of lives saved (mortality) or decreases in the incidence of a particular disease (morbidity)
What does this imply about the cost-benefit analysis of environmental regulations? There is an old saying "You can't put a price on a human life." Do you agree or disagree? Explain.