In applying the lower of cost or market rule, market may be represented by:
a) current replacement costs
b) net realizable value
c) net realizable value less a normal profit margin
d) any of the above may be correct
Answer: d) any of the above may be correct
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A supply curve is the same as a
A) total cost curve. B) marginal cost curve. C) total benefit curve. D) marginal benefit curve. E) deadweight loss curve.
If the actual capital-labor ratio is above the steady-state capital labor ratio, growth from convergence will be ________, and the economy will grow ________ than it will along a balanced growth path
A) negative; slower B) negative; faster C) positive; slower D) positive; faster
Inaccurate prediction generally invalidates the use of theory in economics.
Answer the following statement true (T) or false (F)
________ is an example of tangible capital.
A. A pet store's unsold, unopened bags of dog food B. The goodwill a firm has established through charitable giving C. An idea for a new business D. Knowledge of how to operate a forklift