An export trading company (ETC) works with many manufacturers rather than representing a single manufacturer.
a. true
b. false
a. true
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Asymptotic distribution theory is
A) not practically relevant, because we never have an infinite number of observations. B) only of theoretical interest. C) of interest because it tells you what the distribution approximately looks like in small samples. D) the distribution of statistics when the sample size is very large.
Suppose a production possibilities frontier (PPF) has been plotted on a graph. If the horizontal axis of the graph measures the output of capital goods and the vertical axis measures the output of consumer goods, then a point inside the PPF represents: a. a larger quantity of capital goods than that represented by a point along the PPF. b. an inefficient output combination of the two goods in
the economy. c. an unattainable output combination of the two goods in the economy. d. an output combination of more consumer goods than capital goods. e. a larger quantity of consumer goods than that represented by a point along the PPF.
Which of the following best explains why a firm in a perfectly competitive market must take the price determined in the market?
A. The short-run average total costs of firms that are price takers will be constant. B. If a price taker increased its price, consumers would buy from other suppliers. C. Firms in a price-taker market will have to advertise to increase sales. D. There are no good substitutes for the product supplied by a firm that is a price taker.
Private property:
A. discourages cooperation because people don't want to part with what they own. B. discourages innovation, as people are often afraid to risk losing their own property. C. encourages owners to maintain or improve their property so as to preserve or enhance value. D. does everything indicated by the other answers.