Comparing a set of feasible alternatives and picking the best one is an optimization process called? _________.
A. statistical inference
B. likelihood estimation
C. cost-benefit analysis.
D. normative analysis.
Ans: C. cost-benefit analysis.
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Official reserve assets include all of the following EXCEPT
A) foreign currencies. B) gold. C) special drawing rights. D) gifts to foreign countries.
Referring to Figure 1.8, if a point is unattainable, it is in 
A. AREA #1 but not on the curve. B. AREA #1 or is on the curve. C. AREA #2 or is on the curve. D. AREA #2 but not on the curve.
The income elasticity of demand for low-quality beef is -2. Thus, an 8% decrease in the quantity of low-quality beef demanded
A. is the result of an increase in income of 4%. B. is the result of an increase in income of 0.25%. C. is the result of a decrease in income of 4%. D. is unrelated to any change in income.
Products produced in oligopoly markets can be homogeneous.
Answer the following statement true (T) or false (F)