It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation.
B. credentialism.
C. cretinism.
D. diplomacy.
Answer: B
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A factor of production that can be used in any sector of an economy is a(an)
A) mobile factor. B) specific factor. C) variable factor. D) import-competing factor. E) export-competing factor.
A government-imposed restriction on the quantity of a specific good that another country is allowed to sell in the U.S. is
A) a regional trade bloc. B) an import quota. C) a voluntary import expansion. D) a voluntary restraint agreement.
If the profit-maximizing markup factor in a 10-firm Cournot oligopoly is ?2, what is the corresponding market elasticity of demand?
A. ?2.0 B. ?1.2 C. ?1.0 D. None of the statements is correct.
Refer to the table below. The marginal benefit of the 6th unit of activity is:Units ofActivity TotalCostTotalBenefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. $7 B. $1 C. $2 D. $4