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.
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
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